Dubai – United Arab Emirates, First Published Sep 15, 2021, 4:54 PM IST
Dubai: Um Al Quwain Coop, a subsidiary of Union Coop, the largest consumer cooperative in the UAE, has announced an additional / extended share offer of 370,399 shares. With the aim of boosting investment in the retail sector, the new opportunity will be open to passport holders in the Al Qaeda Emirate from September 15 to 21. Subscriptions will be made through AAFAQ Islamic Finance, headquartered at Umm Al Quwain Al Arabi Cultural Sports Club.
Nasser al-Talai, chairman of Umm Al Quwain Cope’s board of directors, said the additional / extended share offering aims to raise capital for the operation of the residential commercial center, which includes a hypermarket, shops and apartments with all amenities. He noted that Um Al Quwain Cooperative was established to provide the best services to customers at affordable prices.
Capital will be increased through additional / extended share offering. It aims to enhance quality, create investment opportunities, bring a wide variety of products of international standards under one umbrella, and meet the needs of people in the community. In addition, it can support the vision of good governance. He added that with the completion of the additional / extended share offer, the capital will rise to Dh5 crore.
Union Cope CEO Khalid Humaid bin Diban Al Falasi said that Union Cope has the capability and expertise in the local market, especially in the areas of retail, management, cooperatives and commercial centers. He added that Union Cope’s previous experience in dealing with cooperatives has been a great success and has been able to achieve its goals in a timely manner. Additional / Extended Share Offering is as per the pre-arranged plan. The CEO of Union Cope stated that the aim is to provide the best and quality services to the people living in and around Al Quwain at affordable prices.
Residents can subscribe for a limited time from the headquarters of Al Arabi Cultural Sports Club. The minimum subscription is 500 shares. The amount will be collected through an approved bank check or directly from the bank account of the eligible persons.
Last Updated Sep 15, 2021, 5:20 PM IST
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