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Friday, November 13 - 2009

DMCC increases its stake in DGCX to 51 per cent

  • United Arab Emirates: Tuesday, April 03 - 2007 at 12:16
  • PRESS RELEASE

Dubai Multi Commodities Centre (DMCC), and Financial Technologies Group (FT Group) today announced that DMCC has purchased a 1 per cent stake in the Dubai Gold and Commodities Exchange (DGCX) from FT Group for USD12.5 million.

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Following the 1 per cent sale by FT Group, DMCC now holds 51 per cent in DGCX.

Commenting on the transaction, Mr. Jignesh Shah, Founder CEO of FT Group said, "To date, DGCX has proven to be a successful venture and DMCC, as a Government of Dubai Authority with extensive relationships with the commodity sector in the region, is the appropriate venture partner to hold the majority interest in DGCX. FT Group remains fully committed to ensuring that DGCX achieves its potential role amongst the world's leading commodity exchanges."

Dr. David Rutledge, Chief Executive Officer of DMCC said, "This transaction testifies to DMCC's total confidence in, and commitment to, DGCX."

"DMCC has a productive relationship with FT Group and we look forward to working with them to fully exploit the full potential of the exchange. The FT Group technology, as the 'engine room' of DGCX, has been a cornerstone of its success to date and will continue to underpin its future growth,"


Dr. Rutledge continued.

DGCX is an electronic futures and options exchange which utilizes trading, clearing and settlement technology developed by FT Group.

DGCX presently lists futures contracts in gold, silver, currencies and fuel oil. It has recently announced the imminent launch of futures contracts in steel, and options contracts on gold. DGCX has also foreshadowed the future listing of various agricultural, metal and energy products.
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Notes and media contacts

About Dubai Multi Commodities Centre (DMCC):
DMCC was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. Rated 'A' by Standard & Poor's, it provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.

About Financial Technologies Group (FT Group):
FT Group is India's leading software product enterprise focused on developing mission-critical Straight -Through-Processing (STP) solutions. FT Group has developed proven transaction automation technologies for Equities, Forex, Commodities and bonds markets. Deriving strength from its exhaustive library of product IPRs, the group has set-up robust market-place platforms offering sophisticated operations' and 'shared services' on high-end technology infrastructure.

Safe Harbour Statement:
Certain statements made in this release with reference to future operations and performance of FT Group are forward-looking statements, involving risks and uncertainties. Certain factors could cause actual results to differ materially from those in such forward-looking statements. The company does not undertake responsibility to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

For further information, please contact:
Nicholas Nesson / Sudha Chandran
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969, Fax: 971-4-3356080
Mob: 971-50-4785324 / 971-50-6588063

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