Khalifa bin Zayed issues law turning ADX to public joint shares company fully owned by ADQ
President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, issued a law regulating the legal status of Abu Dhabi Securities Market, turning it into a public joint shares company that is fully owned by ADQ.
It's noteworthy that Abu Dhabi Developmental Holding Company (ADDH), one of the region’s largest holding companies, today unveiled a new brand identity, to become ADQ.
The newly regulated company will have capital funds of AED500 million, divided into 500 million shares, with a name value of one dirham for each share. It will also have AED100 million as export capital, divided into 100 million shares, with a name value of one dirham for each share, with all shares of the newly regulated company fully owned by ADQ.
The law allows the shareholders to sell or transfer all or some of their shares to any other shareholder, or offer them for any initial public offerings, as per the statute of the company.
The newly regulated company will also be responsible for managing and organising the securities market, and enlisting and dealing in securities, depositing, settlements and central clearinghouse works. It will also take charge of providing, preparing and managing securities dealings platform(s), as well as providing the required services to issuers and brokers, in addition to the financial services and products related to the operational and commercial activities of the market.
Initial public offerings, investors’ services, monitoring and supervision of the activities and services of the securities market, as well as settling related disputes will also be within the responsibilities of the company.
As per the valid legislations and the law of its establishment, the company shall have the acquisition right to enter into partnerships, or ownership of any other company or fund related to dealing in the activities of the securities market, or in any other commercial or auxiliary activity.
The company shall also manage revenue resulting from profit distribution and depositing, as well as revenues ownership and clearinghouse securities management, investment as per the applied systems or contractual conditions, or any other mission or specialty assigned to it by the Executive Council or by the shareholders.
The financial resources of the company will be derived from commissions on deals and services, and imposed fines, or from any other resources agreed upon by the board of the company.
The company will be subject to all licenses, permissions, exceptions and approvals of relevant federal and local government entities in terms of the activities of the securities market.
The company will continue working as per current rules and regulations until issuing its own rules and regulations.
Follow Emirates 24|7 on Google News.