- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:31 06:45 12:35 15:51 18:20 19:34
The UAE Securities and Commodities Authority (SCA) approved feasibility studies for eight new public shareholding companies (PSC) and reiterated its support to fresh investors seeking to set up new public joint stock companies.
The SCA informed the Ministry of Economy (MoE) of its approval of feasibility studies drawn up for investors applying to the MoE to establish companies this week. The MoE had referred these to the SCA for revision. The SCA is a member on committees of shareholding companies.
Only two shareholding firms were registered by the SCA during Q2 and Q3 of 2009: General Ceramics and National Petroleum Construction Company.
Both were set up before the issuance of the commercial companies' law of 1984. Their status was modified following ministerial decisions No 417 and No 415 of 2009, the SCA said.
Altogether 154 companies are registered with the SCA. Additionally, 136 companies are listed by the SCA which include 106 local companies and 30 foreign firms.
The total number of companies listed on Emirates Securities Market is 131, including 106 local and 25 foreign companies. Six companies are in the process of being listed, one of which is a local and five are foreign firms.
The SCA confirmed the renewal of 32 registration certificates for public shareholding companies during the second and third quarters of 2009. This accounts for 100 per cent of the registration certificates and demonstrates the big role the SCA's Issuance and Disclosure Department plays in following up companies and ensuring they continue to meet all legal requirements.
Meanwhile, the SCA asked listed companies to disclose their financial statements and clarify their investment activities. It underlined the necessity to classify these activities into local and external investments, and further clarify their nature and size as well as the accountancy policies followed in the classification of different kinds of investments.
In addition, the SCA has asked listed companies to disclose the size of their deposits in foreign banks outside the country. The number of public joint stock companies that followed the SCA's directives to disclose annual financial statements for 2009 was 127 or 97 per cent of the total 131 companies listed. Among listed local companies, the e percentage of disclosure of statements was 100 per cent.
The SCA confirmed an increase in the total shares of listed public joint stock companies during Q2 and Q3 of 2009 by 6.8 billion, which included donation shares, new shares and shares resulting from the conversion of loan bonds.
Thirty-three ministerial decisions were issued relating to the increase of capital via donation shares, one decision was on the increase of capital via new shares and three related to the increase of capital through the conversion of loan bonds into shares. The total increases of donation shares for 2009 were at 4,425,661,597.
The total increases that resulted from the conversion of loan bonds into shares in 2009 were at 3,076,333,333. These covered three companies, Shuaa Capital with 515 million shares, Gulf General Investment Company with 333 million shares and Aabar with 2.2 billion shares. Emirates Islamic Bank was the only company that increased new shares, which totalled 1.1 billion.
The SCA said it took all necessary measures and co-ordinated with the bodies concerned, that submitted applications to obtain its approval for buying back a maximum of 10 per cent of their shares. It also ensured these firms met clauses stipulated in Article 168 of the commercial companies law.
The SCA approved two companies for buy backs of a percentage of their shares. National Bank of Abu Dhabi was given approval to buy 10 per cent or 217 million of its shares and Drake & Scull International was given approval to buy back 10 per cent or 217.7 million of its shares. The SCA approved 435,205,297 shares for buy backs in all.
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