Regulator scraps condition for dual listing of shares

Abu Dhabi

Securities and Commodities Authority (SCA) has scrapped the condition stipulating that listed shares of dual listed companies in the UAE markets should not exceed 30 per cent of its capital.

The move comes as per a resolution issued by Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of SCA, which will come into effect following the day it is published in the Official Gazette.

The company must have been established for at least two years, and has issued at least two audited budgets, while companies in which 25 per cent of shares are owned by the government are exempted from this condition.