Dubai
Union Coop said it will convert its physical share certificates to electronic form through an innovative solution provided by Emirates Islamic Financial Brokerage (EIFB).
The shares will be held on Nasdaq Dubai’s Central Securities Depository (CSD), thereby simplifying and improving the trading process for Emirati investors. The transfer of the certificates on to Nasdaq Dubai’s CSD will take place later this year, the UAE’s largest consumer cooperative said in an emailed statement.
Union Coop is owned by over 30,000 UAE nationals, who currently buy and sell share certificates manually at the Company’s shareholder centre at Etihad Mall. Through this agreement with Emirates Islamic and Nasdaq Dubai, Union Coop will move its shares to an electronic platform in order to centralise the process, providing a single market price that is visible to everyone, based on overall supply and demand.
