Umm Al Qaiwain Coop has offered 2.5 million stocks for public trade, to increase investment in its retail sector.
An integral part of Union Coop and the UAE's largest consumer cooperative, Umm Al Qaiwain Coop will launch an Initial Public Offering from 21st January onwards until 8th February. The public will be able to purchase these stocks through selective Emirates Islamic branches across the UAE.
Chairman of the Board of Umm Al Qaiwain Coop, Nasser Al Talay, said, "The main objective of offering stocks for public trade is to increase capital to invest, implement future plans and expand current services offered by UAQ Coop. Ultimately, this will allow us to serve the consumers better by offering them the best service at competitive prices.
"Umm Al Qaiwain Coop's primary objective is to benefit the citizens and residents by offering world-class products and services under the same roof. We wish to take care of society's needs and offer our support to the social sector in a manner that honours the vision of the leadership.
"Citizens from all the emirates will be able to purchase the stocks. This will create an opportunity for sustainable and guaranteed investment opportunities with considerable positive aspects, as the value of the stocks, which is AED50 million, will contribute to the development and expansion of the coop and support its future plans."
The Chairman of the Board of Directors at Union Coop, Majid Hamad Rahmah Al Shamsi, said, "Union Coop has always had the expertise and world-class resources when it comes to retail and managing coops. Our experience with managing 'Ajman Markets Cooperative Society' was a success, in which all the goals and objectives were achieved in record time. Our success in the form of market expansions and marketing achievements is a true testament to our strength in the Emirati market.
"We will deploy all of our resources to co-operate and move ahead with the management of Umm Al Quwain Coop, in implementing best-in-class practices and technologies in retail. Initially, we will be focussing on offering the best services at competitive prices to the people of Umm Al Qaiwain emirate and neighbouring areas."
Citizens can purchase stocks via the following Emirates Islamic branches: Umm Al Qaiwain King Faisal Street branch. In Dubai at Festival City, Nad Al Hammar, Etihad Mall, and Al Barsha Mall branches. In Sharjah at the Muwaileh branch. In Ras al-Khaimah at the Montaser Road branch. In Fujairah at the Hamad bin Abdulla Road branch. The minimum limit for purchase is 500 stocks, in addition to a premium of AED1 per share provided by an approved bank check or by opening an account at the Emirates Islamic Bank.
Source: Emirates News Agency