Abu Dhabi Securities Exchange (ADX) will be managing free-of-charge remote e-voting for annual general meetings (AGMs) of companies listed on the exchange.

“The measure answers to the need of providing value-added services to support the private sector, in light of the current market turbulences,” ADX said in a statement.

The World Health Organisation (WHO) declared the coronavirus as a pandemic earlier in March after the number of infections outside China increased dramatically.

The announcement will apply to AGMs taking place from March 17 until the end of April 2020 and the service will be provided to listed companies without incurring any fees for its implementation.

Remote e-voting will be facilitated through an attribute of SAHMI, ADX’s integrated services’ digital platform.

ADX had also implemented remote working for its employees last week and reduced the down cap limit for listed stocks to 5 percent, from 10 percent previously.

Various nations around the world have closed their borders to stop the spread of the virus, as the number of cases worldwide jumped to over 200,000.
The UAE confirmed 13 new cases of coronavirus infections on Saturday, taking the total number of cases in the country to 153. The number of recoveries from the disease stood at 38.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#ADX #STOCKMARKET #EQUITIES #VOTING #CORONAVIRUS

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020