UAQ Coop announces 370,000 additional, extended share offering

Subscription will be made through ‘AAFAQ Islamic Finance’ at the headquarters of the Al Arabi Cultural Sports Club in Umm Al Quwain.

Umm Al Quwain Coop recently announced the additional/extended share offering on 370,399 shares, intending to increase the volume of investment in retail trade, until September 21 for Emiratis holding passports of the Emirate of Umm Al Quwain. Subscription will be made through ‘AAFAQ Islamic Finance’ at the headquarters of the Al Arabi Cultural Sports Club in Umm Al Quwain.

Nasser Al-Talai, chairman of the board of directors, Umm Al Quwain Coop, said: “The additional/extended share offering aims to raise the capital to operate the residential commercial center, which contains a hypermarket (Coop), shops and apartments with all services and recreational facilities, per the provisions of the Umm Al Quwain Cooperative Society’s by law and its articles of association, and the management and operation contract with Union Coop.

Talai pointed out that the additional/extended share offering will increase the capital, which will contribute to maximising benefits, in addition to providing support to the social sector to achieve the vision of the wise leadership, pointing out that the total amount of the capital will reach more than Dh50 million after completion.