uae overhauls stock ownership rules
Last Updated : GMT 11:32:50
Arab Today, arab today
Arab Today, arab today

UAE overhauls stock ownership rules

Arab Today, arab today

Arab Today, arab today UAE overhauls stock ownership rules

Abu Dhabi - Arabstoday

The UAE market regulator, the Securities and Commodities Authority, or SCA, has unveiled a new set of share ownership rules in a key overhaul to ensure more candid disclosures in takeover deals. The new SCA regulations, which are designed to boost transparency in the country’s two stock markets, require buyers to reveal all direct and indirect holdings in listed companies if they planned to buy 30 per cent or more of a listed company in the UAE. The amended rules require investors to disclose their total holdings above the stipulated five per cent mark. Investors will also have to disclose if they own 10 per cent or more of the shares of a parent company, subsidiary, or affiliate of a publicly listed company. “The board agreed during the meeting to make adjustments to the disclosure and transparency system in order to develop the legislation governing the functioning of financial markets,” the SCA said in a statement posted on state news agency Wam. The SCA move comes soon after Aabar Investments of Abu Dhabi accumulated a 20.8 per cent stake in a Dubai-based construction company Arabtec Holding through different subsidiaries. Under the amended rules, the regulator can reject a proposed transaction if it deems them to be against the interests of shareholders or the economy. The SCA’s statement did not specify when the reforms would come into effect. Mohammed Ali Yasin, an Abu Dhabi-based capital markets analyst, hailed the move “as an important amendment to the law that will help bring in more transparency to benefit the market in the long run.” “I think the way the new rules seek to group investors and related partners will probably give a clearer picture of the ownership of the company and will ensure that a gap in the current law is not used by some investors to accumulate a listed company’s shares without being transparent.” He said a 30 per cent limit to share buying is also critical “to protect the minority interests as it forces companies to get the permission of the stock market regulator prior to the execution of deals of that scale.” The new move by the SCA come head of a widely anticipated review of the country’s markets by index complier MSCI for a possible upgrade to emerging market status, which is expected to trigger increased foreign fund inflows. The UAE, currently classified as a frontier market by MSCI, lacks a proper takeover code which makes mergers of publicly listed companies difficult. Calls for more governance and transparency heightened after the Aabar-Arabtec move, with the construction firms’ shares more than doubling this year. In 2011, the UAE postponed draft regulations on its asset management industry, which were seen as a key step for investor protection and boosting market confidence, after market players voiced concerned that some of the proposals lacked clarity, sources said. from khaleej times.

arabstoday
arabstoday

GMT 03:39 2017 Friday ,24 November

European markets wobble amid US Thanksgiving holiday

GMT 22:09 2017 Thursday ,23 November

Bahrain Bourse daily trading performance

GMT 02:02 2017 Thursday ,23 November

Asian markets rally after Wall St lead, euro struggles

GMT 22:40 2017 Wednesday ,22 November

Bahrain Bourse daily trading performance

GMT 11:50 2017 Tuesday ,21 November

European stocks shrug off Germany's political woes

GMT 03:59 2017 Tuesday ,21 November

Weekly inflation decreases by 0.88%

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae overhauls stock ownership rules uae overhauls stock ownership rules

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae overhauls stock ownership rules uae overhauls stock ownership rules

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Saudis clear passenger flights

GMT 08:38 2017 Saturday ,25 November

Saudis clear passenger flights
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Germany's SPD says ready for talks

GMT 11:28 2017 Saturday ,25 November

Germany's SPD says ready for talks
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Heidy underlines works like “Seventh Neighbor”

GMT 13:59 2017 Thursday ,23 November

Heidy underlines works like “Seventh Neighbor”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 07:53 2017 Friday ,24 November

To Debate Ethics of Euthanasia

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday