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The Union Coop Friday announced its intention to list its shares on the Dubai Financial Market (DFM) on July 18, as the first retail cooperative in the UAE to take this step.
This listing is a part of the Securities and Exchange Higher Commission strategy aiming at increasing stock market size in the Emirate to Dh3 trillion, raise competitiveness of bourses and encourage public initial offerings (IPOs).
Union Coop also announced the suspension of trading on its shares through the its portal as of today (July 1). Trading will be resumed on July 18 through the DFM.
Exisiting shareholders shall receive 10 shares against each currently-owned share and the share price will be determined on the first day of trading.
Members of Union Coop who have an investor number in the DFM and a trading account with one of the linseed brokerage firms will be able to trade their shares ordinarily.
The retailer has advised shareholders who do not have an investor number and a trading account to complete these two steps through the DFM investor services or brokerage companies, as well as through the website or DFM app.
Khalid Al Falasi, CEO of the Union Coop, said: “The listing enables us to leverage the numerous benefits of capital markets to implement our growth strategy and provide our members with the DFM innovative services.”
Hamed Ali, CEO of DFM and Nasdaq Dubai, welcomed the Union Coop’s announcement of its intention to list on the DFM. “This listing underlines the joint efforts between the DFM and various economic sectors in Dubai to accelerate the implementation of Dubai’s strategy to develop its financial markets, aiming to increase its value to Dh3 trillion.”
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