The UAE's largest consumer cooperative, Union Coop, has announced its intention to list its shares on the Dubai Financial Market (DFM) on Monday, July 18.
It's the UAE's first retail cooperative to take this pioneering step.
The listing is part of the emirate's strategy to raise the competitiveness of its bourses and encourage more initial public offerings (IPOs).
Union Coop said it will suspend trading of its shares through its own portal as of Friday, July 1.
Trading will resume on July 18 through the DFM, with the share price to be determined on the first day of trading.
The company will exercise a share split on a 1 to 10 ratio (each Union Coop member will receive 10 shares against each currently-owned share)
All members who have a DFM investor number and a trading account with one of the licensed brokerage firms will be able to trade their shares.
"The listing of Union Coop shares on the DFM will represent a key milestone in its development journey, as it provides our members with an efficient, regulated and transparent marketplace for trading of their shares," said Khalid Al Falasi, CEO of Union Coop.
More from Business
Abu Dhabi launches greenhouse gas study
Abu Dhabi Waste Management Centre (Tadweer) has signed a consultancy agreement with KEO International Consultants to conduct a feasibility study for developing a project on extracting greenhouse gases from Al Dhafra landfill and converting them into environmentally-friendly energy.
DXB posts huge surge in passenger traffic
A steady surge of growth throughout the second quarter has propelled Dubai International’s (DXB) half yearly traffic to 27.9 million passengers, just 1.2 million shy of the airport’s total annual traffic last year.
Travellers set for enhanced Abu Dhabi Airport experience
Getting through Abu Dhabi Airport is set to become a lot smoother following the signing of an agreement with the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP).
Bengaluru next stop for Emirates' A380
Bengaluru will be the second city in India to be served by the Emirates A380 aircraft.
DEWA's High-Water Usage Alert saves billions of gallons
Dubai Electricity and Water Authority (DEWA) announced that its High-Water Usage Alert service has helped save over 9 billion gallons of water and reduced carbon emissions by 217,370 tonnes since its launch three years ago, up until June 30.