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The listing of ordinary shares of Al Madina Finance and Investment Company was finalised and approved by the DFM in collaboration with the Emirates Securities and Commodities Authority.
Ownership of the company's shares is available to Kuwaiti nationals up to 100 per cent, while GCC nationals and foreigners are allowed to own company shares at a maximum of 49 per cent.
The company's authorised capital is KD 17.5 million while its paid-up capital is KD 17.5 million. The company has issued 17.5 million shares, with each share valued at a par value KD 100 Fils.
Essa Kazim, Chairman of DFM, said:
"We welcome Al Madina Finance and Investment Company to the DFM and wish them a fruitful presence here. This new listing is another vote of confidence from a well established and profitable growth stock in the opportunities that DFM brings to the table. With a world-class systems and process DFM is able to attract not just UAE based companies but companies from across the GCC."
Khaled Yaqoob Al-Mutawa, Chairman of Al Madina Finance and Investment Company, said: "It is an honor for our company to list on DFM. The objective from listing the company's shares on DFM is based on strategic and long term plans and not on short term basis. This decision came in compliance with the company's strategy that aims to expand, grow and achieve sustainable benefits for Al Madina Finance and Investment Company shareholders."
The company's net profit reached KD 4.5 million by end of September, 2006, while total assets reached KD 54.7 million by end of September, 2006.
Posted by Anne-Birte Stensgaard, Senior News Editor
