Huge turnout for Emirates Consumer Cooperative Society shares

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Jassim Al Bastaki, founder and head of the constituent body of the Emirates Consumer Cooperative Society, confirmed that there was a great demand for subscription in the society’s shares, a week after it announced the offering of its shares to citizens.

He noted that the indicators showed the expected financial performance ratio between 5 to 7 years, equivalent to 20% of the net profit from revenues, equivalent to 40% return on capital, with expected accumulated profits equivalent to 100 million dirhams, according to a feasibility study prepared by one of the expertise offices approved.
The association had started the subscription for 19 founders of national businessmen at the state level with high expertise in several fields, especially industrial for citizens, with a capital of 20 million dirhams in the first phase. Where the subscription stages start from 3 stages, where the first stage represents the launch of the cooperative’s brand, while the second stage witnesses the establishment of a factory to package the products of the cooperative.

Al Bastaki revealed many attractive factors that were the reason behind this turnout, most notably the attractive price of the stock and the expectations associated with the future of the association, the expected profits, and confidence in the product as it represents a good future for citizen investors. The press conference that was held last week at the Emirates Towers in Dubai.

Al Bastaki believed that the association will be the focus of positive interest among investors in the financial market during the current and future period, expecting the subscription to achieve success that exceeds expectations, because the goal of the association is to create long-term programs aimed at doubling income for citizens, improving the quality of some services and providing basic commodities at reasonable and competitive prices, in addition to establishing An industrial commercial entity operating under the cooperative system, owned by the citizens of the country under the supervision of the Cooperatives Department at the Ministry of Economy, in addition to the social contribution and the provision of consumer materials and commodities such as rice, grains, spices, toys, etc., through their manufacture and sale at reasonable wholesale or retail prices.

Al Bastaki noted the positives associated with offering the society’s shares for subscription and said that the step represents a real addition to saving opportunities for citizens and enhances diversity in saving.





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