Damac will list on DFM in major boost for UAE stock markets | The National

Damac will list on DFM in major boost for UAE stock markets | The National:



"In a major boost for UAE stock markets, Damac, the luxury property developer, is to list shares on the Dubai Financial Market.



The listing will put Damac in the top 10 of UAE listed companies, with a market capitalisation of about US$3.5 billion, and will give regional retail investors the opportunity to participate in one of the UAE’s most successful companies.



Damac announced yesterday that it was offering investors the opportunity to convert its global depository receipts (GDRs), currently listed on the London Stock Exchange, into ordinary equity and list them on the Dubai market. The move sparked a 5.9 per cent jump in the value of the London stock, to nearly $16.05 per GDR. They were floated in December in London at $12.25 each."



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