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Dubai Refreshments Company debuts on Dubai Financial Market |
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1/9/2007 8:56:31 AM |
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Dubai Financial Market (DFM) announced on Monday the listing of Dubai Refreshments Company (DRC), incorporated in Dubai, UAE.
DRC is the 47th listed company to list its shares on the Dubai Financial Market. Dubai Refreshments shares will start trading on Monday under the trading symbol "DRC" that will appear on DFM screens, trading systems and publications. The company is classified within the "Consumer Staples" sector, which now includes 4 public joint stock companies.
The listing of ordinary shares of DRC has been finalized and approved by DFM in collaboration with Emirates Securities & Commodities Authorities. Foreign investors are allowed to acquire the company’s shares at a maximum of 49% of its outstanding shares, while UAE Nationals are allowed to acquire 100% of the company’s shares. The company’s paid up capital is AED40 million as of Monday (January 8, 2007).
Essa Kazim, Director General of DFM, said: "Dubai Refreshments Company is the maiden listing in 2007 and happens in the first week itself. It’s an indication of economic confidence, market sentiments and provides a glimpse of the year ahead. DRC will widen the investment options for investors and will give more depth to the market. We are delighted to see Dubai Refreshments Company list on Dubai Financial Market and we welcome them wholeheartedly." |
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