Today, the listing and trading of the shares of the UAE Union Cooperative Company began on the Dubai Financial Market, making it the first consumer cooperative in the country to be listed.
According to Arab Net, the Tawuniya shares were directly listed on the Dubai market, as their shares were not publicly offered.
Dubai Financial had set the reference price for the cooperative share at 3.90 dirhams after dividing the share into 10 shares, at a ratio of 1 to 10 (meaning that each member of the cooperative will receive 10 shares for each share he owns), in preparation for the listing.
The opening price was set at 3.90 dirhams, and no price limits will be applied to the rise or fall of the stock on the first day of listing, to be applied starting from the second day.
Union Coop members can trade on its shares through brokerage companies approved by the Dubai Financial Market after transferring their shares to the broker’s trading account through the Dubai Financial Market application or through the broker itself.
