Dubai: Dubai Financial Market said on Tuesday it has launched a new process that enables investors and brokerage firms to transact bulk deals on shares of a listed company while being exempted from the price cap in effect.
The Direct Deals Service process would lift the price cap in case of an upward movement of 15 per cent up, or a 10 per cent downward movement, the bourse said in a statement.
The price must not exceed the previous closing price by 25 per cent up or down, will not be reflected on the closing price, the DFM General Index, and high and low prices during the session or the 52 weeks.
This new arrangement further streamlines large quantity deals enabling investors to directly sell their shares through mandating brokerage firms and investment banks to arrange for the deal with potential buyers. Disclosure and transparency rules in effect must be observed when conducting such deals.
