DUBAI- Hamed Ali, Chief Executive of Nasdaq Dubai, and Hamish Tyrwhitt, Group Chief Executive Officer of Depa Limited, rang the market opening bell today to celebrate the start of trading of Depa’s shares in UAE Dirhams.
Depa has converted its listing currency to Dirhams from US dollars, which had been the company’s listing currency since its initial public offering (IPO) on Nasdaq Dubai in 2008. The conversion to Dirhams aims to strengthen Depa’s links to regional institutional and individual investors and support efficient pricing.
Depa is the first company to make use of Nasdaq Dubai’s flexible currency framework for equities, which allows companies to choose from a range of currencies when they list, and convert to a different one post-listing if they wish.
All the exchange’s other equity listings are in US dollars. Speaking on the occasion, the Chief Executive of Nasdaq Dubai said, "Our versatile infrastructure enables Nasdaq Dubai to work effectively with our listed companies to create solutions that meet their evolving needs and support their growth journey. We are delighted to be hosting trading in Dirhams for Depa following its change of listing currency on behalf of investors, and we are committed to continuing to support the company’s liquidity and investor engagement as well as supplying efficient post-trade and clearing services."
The Group Chief Executive of Depa Limited said, "This conversion of Depa’s listing currency to UAE Dirhams is part of our strategy to deliver long-term sustainable shareholder value. It is one of several initiatives we are undertaking to increase the attractiveness of our shares to regional and international institutional investors, improve liquidity and ensure a more efficient pricing of Depa’s shares." The trading symbol for Depa (DEPA:DU) has remained unchanged as a result of the conversion to Dirhams, which took place effective from today.
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