UAE’s Etihad Mall (Union Co-op Hypermarket) became the country’s first co-op to announce plans to list its shares on the Dubai Financial Market (DFM). The listing is scheduled for Monday, July 18.
This is in line with Dubai’s Capital Markets and Exchange Development Committee, which aims to double the emirate’s financial markets value to 3 trillion dirhams during the next period.
Etihad Mall announced today, Friday, July 1, the suspension of trading in its shares through the existing authorized electronic system, noting that trading will resume on July 18 via DFM.
The share will be multiplied by ten, i.e. each member will get ten shares for each share he currently owns, while the price of shares will be set on the first trading day.
Members who have an investor number in the DFM and a trading account at one of the authorized brokerage firms will be able to trade their shares on a regular basis, according to Etihad.
The co-op urged members who do not yet have an investor number and a trading account to do so as soon as possible by contacting investor services at the DFM or any brokerage firm, with the availability to submit a request at the market’s website or smartphone applications.
Between 1984 and 2021, Etihad achieved a cumulative annual growth rate of 20.5 percent in net profits, while the cumulative annual growth rate in sales was 16.85 percent.
Net profits increased by 2.6 percent during Q1 of 2022, reaching 116.5 million dirhams, compared to 413 million dirhams in the previous year.