Abu Dhabi Securities Exchange to go public

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The Abu Dhabi Securities Exchange (ADX) will be listed as a public company soon, according to a new law issued by UAE President Sheikh Khalifa bin Zayed Al Nahyan.

The law specified that the maximum amount of share capital the company is authorized to issue is 500 million dirhams ($136.15 million), divided into 500 million shares with a share value of 1 dirham.

The issued capital of the company will stand at 100 million dirhams with the same share value, wholly owned by the issuing company.

The public listing of the company may be a first step towards a long-awaited merger with the Dubai Financial Market (DFM), some analysts have commented. A merger would serve to establish the joint company as a strong financial institution that could compete globally with other well established players.

“The Abu Dhabi Securities Market Company has the right to establish, acquire, enter into a partnership or own any company, institution or fund whose purpose is to perform any financial market activity or any other commercial activity supporting the work of the market in accordance with the rules and procedures approved by shareholders,” WAM reported.

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