UAE securities allow Al Ramz Corporation to buy back its shares

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Dubai – Mubasher: She said Al Ramz Corporation for Investment and Development Listed on the Dubai Financial Market, it has obtained the approval of the Securities and Commodities Authority to purchase a percentage of its shares.

The company stated in a statement to the Dubai Financial Market today, that the authority agreed to buy the company up to a maximum of 10 percent of its shares, which represents a maximum of 54.99 million shares.

The company’s general assembly agreed last March to repurchase the company, up to a maximum of 10 percent. The capital of the company is 549.915 million dirhams, divided into 549.915 million shares, with a nominal value of dirham per share.

During February of this year, the Board of Directors of Al Ramz Corporation Investment and Development agreed A company is proposed to buy back 10 percent of its shares.

In December of last year, the company purchased 7.33 One million shares Of the shares of Gulfa Mineral Water and Manufacturing Industries.

It is noteworthy that the process of repurchasing shares means returning the ownership of shares sold to the mother company’s treasury, and it is a flexible way to recover the company’s money from its shareholders that were raised at an earlier stage..

Stock repurchasing reduces the company’s total assets and improves return on assets and return on equity, making company stocks more attractive to investors..

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