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As part of its preparations to become the UAE’s first consumer cooperative to list on the Dubai Financial Market, scheduled today, July 18, Union Coop has appointed X-Cube to provide a market maker service on its shares. To take this pioneering step.
The tasks of “X-Cube” company include submitting requests and offers for available shares, determining the required quantities for buying and selling and finding the equilibrium price for the share, which helps to reduce the difference between requests and offers. Encourages more trade.
Khalid Al Falasi, CEO of UnionCope, expressed his delight that the partnership has been able to bring the unique capabilities and expertise of X-Cube to enhance the success factors for the imminent listing of UnionCope shares on the Dubai Financial Market.
It should be noted that the reference price of the “Union Cob” share is fixed at 3.9 dirhams, after dividing the share from 1 to 10 (each cooperative member receives 10 shares for each share he owns). On the first day of listing, the opening price is determined based on orders to buy and offers to sell.
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