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Tamweel debuts on Dubai Financial Market |
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7/11/2006 9:44:58 AM |
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 Tamweel is the 37th company to list its shares on the DFM, and the 54th listed security on the market. Tamweel is classified under 'Service' sector which includes 12 public joint stock companies now. The company's shares will start trading today (July 10, 2006) under the trading symbol TAMWEEL that will appear on DFM screens, trading systems and publications.
The listing of ordinary shares of Tamweel has been finalised and approved by DFM in collaboration with ESCA. Foreign investors are allowed to acquire a maximum of 15 per cent of Tamweel's shares. Its paid-up capital amounts to AED1 billion.
Essa Kazim, Director General of DFM attending the listing ceremony, said:
'DFM welcomes Tamweel which makes its debut today. Investors now have another investment option from our listed stocks. DFM has been able to attract blue chip companies such as Tamweel to list its shares, and we believe many more companies will follow soon.'
Also present, on the occasion was the Chairman of Tamweel, Sheikh Khaled Bin Zayed Bin Saqr Al Nehayan, the Board of Directors and the senior management of Tamweel PJSC.
Upon ringing of the bell to indicate start of trading, Sheikh Khaled Bin Zayed Bin Saqr Al Nehayan, said: 'With the listing of Tamweel on the stock market we have completed one cycle and have now started on our next. As we enter this next phase of our growth we thank our partners and everyone at Tamweel and look forward to growing even more together in the future. We have always received support and loyalty from our associates which is evident not only from the success of the company but also the success of the IPO. It is indeed a very proud moment for us at Tamweel'
Mr. Adel Al Shirawi, CEO of Tamweel, said: 'The listing of Tamweel's stocks on the DFM is a major milestone in our efforts to give all investors in Dubai and the region the opportunity to be part of our growth. The UAE in general and Dubai in particular, are globally recognised as attractive centres for business investment and trading in the region and we are confident that this listing will provide a strategic thrust to our business and growth plans.'
Tamweel was established in Dubai in November 2002 as a limited-liability company under the name of Emirates Finance Company (EFC). In July 2003, the Company was restructured and its name was changed to Tamweel LLC.
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