Union Coop: The listing of cooperatives’ shares on the stock exchange is “premature”
Union Coop is one of the largest cooperatives in the Gulf region and the Middle East.
From the source
Khaled Al Falasi: “There is a law being prepared for cooperatives, and when it sees the light, the conditions and shares of cooperatives will be studied.”
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The CEO of Union Coop, Khaled Humaid bin Dhiban Al Falasi, confirmed that “the offering of cooperative shares in the financial markets is premature,” noting that there is a law that is being prepared for cooperatives by the Ministry of Economy and the relevant authorities, and when it sees the light, the situation will be studied after that. Cooperatives and their shares.
Al-Falasi said during an interview with Dubai TV, "The offering of cooperative shares in the financial markets needs to identify its own negatives and positives, as it will focus on the interest of the state and cooperatives in economic and social terms."
He stated that "Union Cooperative" is considered one of the largest cooperatives in the Arab Gulf region and the Middle East, and it has become an economic and social arm of the Emirate of Dubai, where its economic and social role has emerged in the most important challenges the world has faced, the most important of which is the "Covid-19" pandemic, and the "cooperative" was able to cooperate With the local government of the emirate, from providing the strategic stock that many countries, whether European or Asian, have been unable to.
He called on all shareholders interested in cooperatives to be patient with the idea of offering cooperative shares in the financial markets, until the completion of the cooperative law, stressing that there will be no violations by the cooperative in this regard, and work will be done in accordance with the laws and regulations established by the competent authorities, in addition to that there will be no This is done only after studies and consultations, which confirm that whether or not the offering of shares benefits everyone.
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