Union Cooperative announced on Monday that all UAE citizens will soon be able to buy their shares and invest in the company starting September 1, 2019.
Majid Hamad Rahma Al Shamsi, Chairman of Union Coop, said: “This decision is a result of continuous efforts made by the Board of Directors over the past years to empower consumer cooperatives, promote expansion to other emirates and to allow all UAE citizens to get financial returns by investing their money in a distinct national economic institution with a strong and growing financial performance such as Union Coop.”
Interested individuals can visit the shareholders centre at Etihad Mall, Dubai, along with the required documents to register as shareholders of Union Coop.
The Board of Directors decided to allow all UAE citizens to purchase shares of Union Coop after obtaining the necessary approvals from the Ministry of Economy, Al Shamsi said.
Union Coop reported a 26.5 per cent increase in net profit for the first quarter of 2019, compared to the same period of the previous year, with an increase of Dh28.8 Million. The net profit reported was Dh109.7 million in 2018 to Dh138.5 million in 2019.