Union Coop has announced that it has appointed X-Cube to provide a market maker service on its shares, as part of its preparations for listing on the Dubai Financial Market, scheduled for July 18, making it the country’s first listed consumer cooperative. Shares in the financial market.
Dauniya explained in press reports today that the tasks of the “X-Cube” company are to submit requests and offers for available shares, determine the required quantities for buying and selling, and coordinate the equilibrium price of the contributing share. Reducing the gap between bids and offers and encouraging more trade.
Khaled Al Falasi, Chief Executive Officer of UnionCope, noted that “X-Cube’s expertise will be supporting factors for the imminent listing of UnionCope’s shares on the Dubai Financial Market.”
The reference price of the “Union Cope” share was set at 3.9 dirhams, after dividing the share from 1 to 10 (meaning that each member of the cooperative would receive 10 shares for each share he held). On the first day of listing, the opening price is determined based on orders to buy and offers to sell.
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