Dubai Refreshments Company debuts on Dubai Financial Market

Dubai Financial Market (DFM) announced on Monday the listing of Dubai Refreshments Company (DRC), incorporated in Dubai, UAE.

United Arab Emirates: Monday, January 08 - 2007 at 14:40
PRESS RELEASE

Essa Kazim, Director General of Dubai Financial Market.

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DRC is the 47th listed company to list its shares on the DFM. Dubai Refreshments shares will start trading on Monday (January 8, 2007) under the trading symbol 'DRC' that will appear on DFM screens, trading systems and publications. The company is classified within the 'Consumer Staples' sector, which now includes 4 public joint stock companies.

The listing of ordinary shares of DRC has been finalized and approved by DFM in collaboration with Emirates Securities & Commodities Authorities. Foreign investors are allowed to acquire the company's shares at a maximum of 49% of its outstanding shares, while UAE Nationals are allowed to acquire 100% of the company's shares. The company's paid up capital is AED40 million as of Monday (January 8, 2007).

Essa Kazim, Director General of DFM, said:

'Dubai Refreshments Company is the maiden listing in 2007 and happens in the first week itself. It's an indication of economic confidence, market sentiments and provides a glimpse of the year ahead. DRC will widen the investment options for investors and will give more depth to the market. We are delighted to see DRC list on DFM and we welcome them wholeheartedly.'

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About Dubai Refreshments Company

Dubai Refreshments (P.S.C.) was established in the year 1959 as limited liabilities company by Decree of His Highness the Ruler of Dubai. In July 1994, the company amended its status as a Public Shareholding Company to comply with the provisions of the UAE commercial Companies Law of 1984 (as amended). It established a factory in November 1959 for bottling and selling all Pepsi Cola drinks and was the first company in the UAE to introduce soft drink manufacturing. Since then Dubai Refreshments (P.S.C.) remains in the forefront of the UAE refreshments industry and is continually expanding by investing in the latest bottling technology complemented by Quality Management. Dubai Refreshments (P.S.C.) was appointed as the sole franchisee and distributor for Pepsi Co. Pepsi is the second largest company world-wide in the soft drink industry. In spite of being the distributor for the 2nd largest soft drink company in the world, DRC has been able to maintain the No.1 status amongst the soft drink suppliers till date in Dubai and Northern Emirates.

About Dubai Financial Market
Dubai Financial Market was established as a public institution having its own independent corporate body. DFM is operating as a secondary market for trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the Local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the Market. The Market commenced operations on 26th March 2000.

For further information, please contact:
Nicholas Nesson / Bakul Gala / Tarek Fleihan
Mobile: (+97150) 4785324 / 2459547 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556

Posted by Anne-Birte Stensgaard, Senior News Editor
Monday, January 08 - 2007 at 14:40 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This Article was updated on Saturday, January 13 - 2007

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