Minister of Economy cancels the condition that the shares to be listed in the state markets should not exceed 30%

Media In – Abu Dhabi January 17, 2018 WAM
The Securities and Commodities Authority canceled the condition that the number of shares to be listed in the State markets does not exceed 30% of the capital of the joint listing companies, which was included in the resolution of the Board of Directors No. 43 of 2008 in the framework of facilitating the process of attracting this type of companies for listing in the market. Financial.
The cancellation of this condition came in a decision issued by Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board of Directors of the Securities and Commodities Authority, and will work on the day following the date of its publication in the Official Gazette.
The third article of the same resolution issued in 2008 stipulated the availability of many requirements to include the financial free zones companies for their securities in the state markets, including the request of the company wishing to list the site of a person or entity officially authorized to sign on behalf of the company.
The share capital of the Company shall also be divided into shares and such shares shall guarantee equal rights to the shareholders in the respective category. And that the company is listed in the FZE financial markets.
The company must have been established for at least two years, with two audited budgets issued by an accredited auditor, except for a company in which the government or a local government owns at least 25% of its shares.
The company’s capital shall not be less than / 40 / million AED and the number of shareholders shall not be less than / 100 / shareholders.