DFM welcomes listing of Union Coop, largest retail cooperative in UAE

DFM welcomes listing of Union Coop, largest retail cooperative in UAE

DUBAI, 18th July, 2022 (WAM) -- Dubai Financial Market (DFM) today welcomed the listing of Union Coop’s shares, becoming the first cooperative society in the UAE to take this pioneering step, in line with the Government’s decision pertaining to the trading of cooperative societies’ shares on financial markets, which aims to strengthen the regulatory environment for the cooperatives’ sector and reinforce competitiveness.

To celebrate the listing, Majed Hamad Rahma Al Shamsi, Chairman of the Union Coop, rang the DFM market-opening bell in the presence of Hamed Ali, CEO of DFM and Nasdaq Dubai and senior representatives from both sides.

Trading commenced on Union Coop’s shares under the trading symbol "UNIONCOOP", allowing members to trade Union Coop shares in exactly the same way as the other companies listed on DFM within the Consumer Staples and Discretionary Sector. This listing further strengthens the prominent position of DFM as the leading listing venue for prominent local and regional companies and also supports accelerating the efforts of market participants to implement Dubai’s strategy in further developing its financial markets.

As one of the largest retail cooperatives in the UAE, the value of Union Coop’s shareholders' equity exceeded AED3 billion. It maintains a momentous record of operational and