Dubai
Dubai Financial Market (DFM) said it has announced that the rights issue of Al Ramz Corporation Investment and Development is due to be tradable on the exchange between October 25 and November 7.
The rights are distributed among shareholders in proportion to the number of shares they own and shall be recorded in their accounts with the brokerage or custody firms if the original shares were recorded in the shareholders’ accounts with them, whereas it shall be recorded in their accounts with clearing if the original shares were recorded with the clearing house.
Trading of the rights issue enables existing shareholders of the company who do not wish to subscribe to the new shares, which the company plans to issue as part of its capital increase, to sell all or part of their rights to other investors who do wish to subscribe. The rights issue is a financial instrument representing the rights that are legally granted to the company’s shareholders to have priority in subscribing for the company’s capital increase shares that will be issued.