June 22, 2020 / 11:10 AM / 14 days ago

Emirates REIT asks court to reveal identity of 'suspicious' traders

DUBAI, June 22 (Reuters) - Emirates REIT, a Dubai-based sharia-compliant real estate investment trust, said on Monday it has asked a court to disclose the identity of traders it alleges are behind “suspicious trades” of its shares.

Last month, Emirates REIT said it had found evidence of irregular trading activity that has contributed to its low share price and reported it to regulatory authorities.

“Emirates REIT yesterday submitted an application in the DIFC (Dubai International Financial Centre) Courts seeking an order for the disclosure by Nasdaq Dubai of the identity of the traders behind the nominee account responsible for several suspicious trades of Emirates REIT shares,” the company said in a bourse filing on Monday.

Its shares were trading at $0.19 a share on Monday compared with a net asset value (NAV) per share of $1.57 at the end of 2019.

Reporting by Yousef Saba, editing by Louise Heavens

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