Dubai supermarket operator Union Co-op to list on DFM July 18, confirms 1:10 stock split

Dubai supermarket operator Union Co-op to list on DFM July 18, confirms 1:10 stock split

Dubai: The supermarket operator Union Coop will be listing on Dubai Financial Market July 18, aimed at expanding the local stock market’s market size to Dh3 trillion in the medium-term. Union Coop will go for a stock split on a 1:10 basis. The share price will be determined on the first day of trading. Its shareholding is split among 30,000 plus UAE Nationals. Union Co-op has also suspended all trading on its shares through the its portal from today. The retailer’s stock is traded through its platform. Operating more than 20 locations in Dubai, Union Co-op came up with a net profit of Dh116.5 million in the first three months of the year. The figures represent a 20.5 per cent CAGR (compound annual growth rate) on the net profit and 16.85 per cent for its sales. For 2021, the net profit was Dh413 million. “The listing of Union Coop shares 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. “It also enables us, as a listed Union Coop, to leverage the numerous benefits of capital markets to implement