Dubai: The gold and jewellery retailer Malabar Gold & Diamonds’ international operations is now headquartered at the DIFC hub. The re-domiciling also means the international arm of the Indian retailer has entered the Nasdaq Dubai private Market and its shares placed with the stock exchange’s Central Securities Depository.
The group’s entry into the Nasdaq Dubai Private Market enables its 300-plus shareholders from international operations to buy and sell shares with the approval of the Board of Directors through brokerage companies like Emirates ENBD Securities. Transfers of ownership will take place securely via the CSD, while trading will take place off-exchange as the company remains privately held.
Number of stores in the Malabar portfolio
Malabar Gold and Diamonds currently generates annual turnover of $4.51 billion through a network of over 260 outlets and 14 wholesale units and 14 jewellery manufacturing centers across 10 countries.
The DIFC move is “a significant step that strengthens Malabar’s links with investors and provides the company with a well-regulated, efficient and secured solution for its share-related corporate actions,” said Malabar in a statement.