The first phase begins with a capital of 20 million dirhams
The Emirates Food Industries Cooperative is offering its shares for public subscription
The association is under the supervision of the Cooperatives Department in the Ministry of Economy.
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The Emirates Consumer Cooperative Society for Food Industries (under establishment) announced the opening of the subscription for citizens of the country.
She explained, in statements during a press interview held at noon yesterday, that the "cooperative" will start the first phase of its subscription with a capital of 20 million dirhams.
Food industry
The founder and head of the founding committee of the Emirates Consumer Cooperative Society for Food Industries, Jassim Al Bastaki, said that the association, which is "under establishment", under the supervision of the "Cooperatives Department" in the Ministry of Economy, is the first of its kind specialized in food industries at the state level, and aims to establish an industrial commercial entity. It operates under the “cooperative” system, establishing a long-term social contribution program, improving the quality of some services and providing basic commodities at competitive prices.
He added that the Tawuniya will work in three phases, the first includes launching its own brand, and the second includes the establishment of a factory to package products for the Tawuniya, while the third phase focuses on investing in grain cultivation and manufacturing.
Subscribe to "co-op"
Al Bastaki revealed that the “co-op” began by subscribing 19 founders of Emirati businessmen with expertise in several fields, especially in the industrial sectors, with a capital in the first phase of 20 million dirhams, of which the founders subscribed at a rate equivalent to 10%, while it will be offered A percentage of 90% for public subscription, indicating that citizens over the age of 18, and Emirati families, will be able to subscribe, either through the website, or through the “cooperative” website in the Garhoud area of Dubai.
He stressed that the public subscription will take place over a period of two months from now, noting that the minimum subscription will be five shares at a value of 100 dirhams per share.
Manufacturing and packing
Al Bastaki stated that the cooperative will focus, through its work, on the manufacture and packaging of food commodities, especially basic ones, such as grains, rice, spices, flour, canned goods, and others, at reasonable wholesale or retail prices, and at a reduced price for citizen shareholders.
He added that, according to a feasibility study prepared by a certified expertise office, the expected financial performance indicators appear within a period ranging between five and seven years, equivalent to 20% of the net profit from revenues, and the equivalent of 40% of the return on capital, with accumulated profits expected To reach 100 million dirhams.
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