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The listing of ordinary shares of DDC was finalized and approved by the DFM in collaboration with Emirates Securities and Commodities Authority. DDC's register has been transferred to DFM for safekeeping and management through the Clearing Depository & Settlement department for electronic registration. Shares can be traded by UAE investors only, and the maximum individual ownership allowed is 25% of the paid up capital.
DDC recently made suitable amendments in the Memorandum and Articles of Association whereby foreign nationals can also own the shares of the Company to the extent of 49 per cent subject to the approval by the shareholders of the Company.
Dubai Development Company, P.S.C. (Company) was incorporated as a Public Shareholding Company by a Decree of His Highness Sheikh Rashid Bin Saeed Al Maktoum, The Ruler of Dubai, on 25th June 1975. The main activity of the Company is to acquire land, develop, build, and to lease or sell it at a later stage.
The Company's authorized, issued and paid-up share capita is AED 10,000,000 with each share valued at AED 1.
Essa Kazim, Chairman of DFM, said:
"We welcome DDC and its investors to DFM. DDC will add depth to the real estate sector as well as to the market. The listing of DDC reaffirms DFM's pole position and our potential to grow further. We truly offer unique investments opportunities for a vast spectrum of investor segments."
H.E. Humaid Bin Nasser Al Owais, Chairman, DDC, said: "We are glad that our strong family of shareholders will now be able to trade their shares on the DFM, one of the region's leading stock exchanges. With strong fundamentals and aggressive expansion plans that will enhance shareholder value year-on-year, DDC's aims to take the company to greater heights and a must-have for investors. DDC is well poised to take up challenges and gear up for the next level to achieve its stated goals."
Posted by Anne-Birte Stensgaard, Senior News Editor
