Dubai Development Company set to resume trading

18/11/2015 06:00 AST

Based on the approval of the Securities and Commodities Authority (SCA), the Dubai Financial Market (DFM) said trading of shares of Dubai Development Company will be resumed on November 19.

This step follows the completion of an acquisition process that enabled a group of investors represented by Al Ramz Capital to acquire about 82.4 per cent of the total capital of the Dubai Development Company of Dh10 million divided into 10 million shares.

The acquisition transaction was completed on November 2 at a net price of Dh4.55 per share, excluding any commissions, with an increase of 237 per cent from the book value per share. The deal was implemented through the Clearing Department of DFM (outside the trading floor).

It is noteworthy that the acquisition price of Dh4.55 per share will be applied as the opening price of Dubai Development Company shares and the fluctuation band of 15 per cent up and 10 per cent down will be applied on the share as per DFM rules in effect.

The buyout offer submitted by a group of investors represented by Al Ramz Capital to the shareholders of the Dubai Development Company PJSC ended on October 29.


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