Ekttitab Holding Company debuts on Dubai Financial Market
Dubai Financial Market (DFM) announced today the listing of Ekttitab Holding Company K.S.C.C, incorporated in Kuwait. Company shares begin trading on Thursday May 29, 2008, under the trading symbol “EKTTITAB,” which will appear on DFM screens, trading systems and publications.
Dr. Ali Darwish Al Shimali, Charman and Managing Director, Ekttitab Holding Company; Osama Nassr, General Manager, Ekttitab Holding Company; and Rashid Al Shamsi Vice Chairman, Dubai Financial Market, attended the listing ceremony along with senior members of DFM and Ekttitab Holding Company.
The listing of ordinary shares of Ekttitab Holding Company was finalised and approved by the DFM in collaboration with the Emirates Securities and Commodities Authority (ESCA).
Dual listing the company’s shares on the Kuwait Stock Exchange and DFM will give UAE investors greater access to Ekttitab Holding Company’s shares and enhance their ability to trade them.
The company’s authorised capital and paid-up capital is KWD 47 million. The company has issued 47 million shares, with each share valued at a par value of Kuwait 100 fils. “Our company has been committed since inception to investing within a Sharia-compliant framework,” said Dr. Aku Darwish Al Shimali. “Cross listing on the DFM as well as the Kuwait Stock Exchange will give investors in the UAE the chance to invest in a firm that is intent on increasing its value, and reducing its exposure to risk. DFM is a financial exchange that is working towards becoming the world’s first Sharia-compliant financial exchange, and since our company deals solely with firms that are Sharia-compliant, it makes sense for us to list on an exchange that is devoted to Islamic financial principles.”
Al Shamsi said: “The listing of Ekttitab Holding Company on DFM represents a strengthening of ties between the financial exchanges of Dubai and Kuwait, and the economies of the UAE and Kuwait. DFM continues to be the foremost catalyst to reaching out to the enormous investor community of Dubai and the UAE. DFM’s commitment to becoming the world’s first Sharia-compliant financial exchange will mean greater appeal to firms such as Ekttitab Holding Company, a company that conforms to the principals of Islamic law. We look forward to further listings with companies of this type.”
The company and DFM jointly held a pre-listing investor awareness day, where representatives from Ekttitab Holding Company answered audience’s queries. The event was open to all, and not limited to any specific shareholder type. Investors, brokers and shareholders of Ekttitab Holding Company attended the event that took place at the Dubai Financial Market Press Hall, Mezzanine floor.