Publication of news about new firms being set up banned

ABU DHABI — The Ministry of Economy and Planning has warned companies under establishment not to publish any information about them in the media until they get the final approval from the Ministry.

By (Wam, Reuters)

Published: Tue 28 Jun 2005, 10:40 AM

Last updated: Thu 2 Apr 2015, 3:46 PM

The Ministry’s Under-Secretary for the Economy Sector, Mohammed Jasim Al Muzakki, said some companies that are yet to get full approval resort to publishing information about them in the media, stating the date of subscription of their shares without getting approval from the Ministry on its feasibility studies and subscription bulletin, adding that such practice is a violation of law and causes confusion on the stock market.

The UAE is currently drafting a new capital markets law. Under existing rules,the Economy Ministry must approve the valuation of all IPOs — a move analysts say is mainly designed to protect small investors.

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