The Emirates Securities and Commodities Authority (ESCA) has announced that all public stock joint firms which trade their shares on the United Arab Emirates' over-the-counter (OTC) market have until April 2005 to list on the UAE's main bourses, and to comply with the criteria for listing.
This follows a decision made by the Authority to that effect earlier this year.
Speaking to Gulf News this week, chief executive of ESCA, Abdullah Al Turifi confirmed that:
"We have decided to give all those companies one year from the date of the decision taken by the cabinet in late April to get listed and adjust their situation."
He went on to reveal that nine local companies have already applied to be listed, alongside three foreign firms.
Many observers have welcomed the announcement, suggesting that the move to list OTC-traded companies on the main stock exchanges is likely to boost investment and reduce the incidence of malpractice.
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