Emirati supermarket chain, Union Coop, is planning to list its shares on Dubai Financial Market (DFM), on 18 July 2022.

The retail cooperative chain said its existing shareholders would be offered ten shares in the listing for each share held. The share price will be determined on the first day of trading, it said.

The Union Coop also said trading on its shares through its portal has been suspended as of today. Trading will be resumed on 18 July through the DFM, it added.

The move comes as part of Dubai Securities and Exchange Higher Commission's strategy to boost trading volumes and increase liquidity on the bourse.

Union Corp was established in 1984 to enhance the social and economic conditions of members and to serve the local community where it operates.

Currently, it is the largest consumer cooperative in the UAE, operating 23 branches and four malls. It has also launched two grocery chains: Mini Coop and Coop

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com