The total size of the offering remains unchanged at 900 million shares, representing 25 per cent of the company’s total issued share capital
markets1 hour ago
The ministry added that while the employees can get their visa transferred to other firms if they take up work with another employer or get it cancelled without being slapped a 12-month ban, those working for a new employer without signing a new labour contract will be violating the law, said Humaid bin Demas, Acting Director General of
the ministry.
“In case the establishment was shut down for any reason whatsoever, and its activity stopped, the employees must report to the ministry to get their visa status adjusted,” he said.
He explained that an employee who came to the UAE to work for a certain company cannot work with another company without getting his visa status changed accordingly at the ministry.
If this is not done, the worker’s application for getting his sponsorship transferred to another employer will be rejected, his labour card cancelled and will face a one-year ban. He urged employees of companies that shut shop to inform the ministry immediately, stating their desire to work for other companies, or leave the country, without being slapped a year’s ban. Bin Demas asked those interested in buying companies from their owners, to notify the ministry before concluding the deal so that they can revise the company’s file and to ensure that it is functioning and its activity is on-going.
He also said that the ministry will check whether the company being sold has any fines pending. It will also take steps to ensure that the seller pays the pending fines. This will help the buyer make his purchase without inheriting the fines of the company being sold, he said, adding that many buyers had faced such a situation because they did not go to the ministry to find out the facts and position of the companies they wanted to buy. — adel@khaleejtimes.com\
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