10,000 shares for social security scheme allocated

DUBAI — Ten thousand shares in Arkan Company will be allocated to some beneficiaries of the Ministry of Social Affairs’ Social Security Scheme.

By A Staff Reporter

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Published: Sun 14 May 2006, 10:28 AM

Last updated: Sat 4 Apr 2015, 7:39 PM

This was revealed by Mariam Mohammed Khalfan Al Roumi, the Minister of Social Affairs who noted that the stocks will be issued via an initial public offering mechanism.

The ministry has studied all cases of the beneficiaries of the government’s social security, and based on certain criteria, some were nominated to benefit from this initiative.

The bank involved will process the subscription in the initial public offering on behalf of the selected beneficiaries.

After finishing the initial public offering procedures, Arkan Company will notify the ministry and its offices in the different emirates about the names of those who were issued stocks, she explained. Each beneficiary will receive a letter stating the allocation of the stocks. Based on these letters, the concerned beneficiary will carry out the needed formalities, she noted.

Accordingly, beneficiaries of the social security scheme should not approach the ministry or Arkan Company to enquire about the stocks or the initial public offering. “They will receive their letters when they are ready,” she stressed.

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