Dubai Financial Market (DFM) announced that its UAE listed companies recorded 100 per cent compliance in disclosing their Q1 2012 financial results within the deadline of 45 days from the end of the period.
41 out of the 44 UAE public joint stock companies listed on DFM successfully disclosed their quarterly results by the end of March 2012, with the exception of Amlak Finance, ALFIRDOUS and United Kaipara Dairies due to procedural reasons.
Meanwhile, DFM suspended trading on 3 foreign companies that missed the deadline to provide the exchange with the financial statements as per the UAE Securities and commodities Authority (SCA) and DFM requirements.
DFM also submitted a detailed report to (SCA) including the disclosure dates and its observations on the disclosures.
The suspended companies are: National Industries Group Holding, Mazaya Holding and Almadina for Finance & Investment.
Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body.
DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market.
The DFM commenced operations on March 26, 2000. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20% of its paid-up capital of Dhs8bn, DFM became a public joint stock company. Following the IPO, the Government of Dubai retained the remaining 80% of DFM Company through Borse Dubai Limited.