Malabar Investments, the global investment arm of jewellery retailer Malabar Gold & Diamonds, has shifted its base to the Dubai International Financial Centre (DIFC).
The company announced on Monday that it has also entered the Nasdaq Dubai Private Market by moving the registration of its shares of international operations with the stock exchange’s Central Securities Depository.
With the move, Malabar’s more than 300 international shareholders will be able to buy and sell shares through brokerage companies like Emirate ENBD Securities, the company said in a statement on Monday.
“Transfers of ownership will take place securely in Nasdaq Dubai’s Central Securities Depository, while trading will take place off-exchange as the company remains privately held,” Malabar said.
Malabar Gold and Diamonds, the group’s operating business, has an annual turnover of $4.51 billion through a network of more than 260 outlets and 14 wholesale units, as well as 14 jewellery manufacturing centres spread across 10 countries in the Middle East, South Asia, Far East and United States.
The company had recently announced plans to invest $220 million for the opening of 56 more stores between 2021 and 2022. At least 40 of these additional outlets will be in India and 16 internationally.
“As Malabar Gold & Diamonds continues to grow internationally, it has become imminent that the holding company be based in a jurisdiction, like [DIFC] with high international standards of transparency, regulations and compliance,” said M.P. Ahammed, chairman of Malabar Group.
“The board has also recognised the requirement of having an independent regulated authority as the registrar of shares (being Nasadaq Dubai) with share transfer occurring through a more formalised and transparent process.”
(Writing by Cleofe Maceda; editing by Seban Scaria)
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 2021