Union Coop will list its shares on the Dubai Financial Market tomorrow

Union Coop has announced the appointment of X-Cube to provide a market maker service on its shares, as part of its preparations for listing on the Dubai Financial Market, scheduled for July 18, to become the first consumer cooperative in the country to list its shares on the financial market.

Tawuniya explained in press statements today, that the tasks of the “X-Cube” company are to submit requests and offers for the available shares, determine the volumes required for buying and selling, and unify the equilibrium price for the share, which contributes to narrowing the difference between requests and offers and encouraging more trading.

The CEO of Union Coop, Khaled Al Falasi, indicated that "the expertise that X-Cube possesses will support the factors for the success of the imminent listing of Union Coop shares on the Dubai Financial Market."

It should be noted that the reference price for the “Union Coop” share was set at 3.9 dirhams and after the share was split by 1 to 10 (meaning that each member of the cooperative will receive 10 shares for each share he owns).

The opening price will be determined based on buy orders and offers to sell during the pre-opening trading session on the first day of listing.

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