Marka, a public joint stock company recently incorporated with a capital of AED500 million, announced that the company is now formally established as a public joint stock company.
Marka has obtained the final approval from the Ministry of Economy, the Securities and Commodities Authority and the Department of Economic Development.
Jamal Al Hai, Chairman of Marka, said: “We are pleased to get the necessary approvals and licenses to start the company’s operations officially as the first public joint stock company operating in the retail and F&B sectors in the UAE. We would like to thank the support of various government agencies and we look forward to rolling our ambitious plans to cement the status of Marka as a key player within two of the fastest growing economic sectors in the UAE.
“The Board of Directors is currently working on the listing the company’s shares on the Dubai Financial Market, which is expected to be finalised soon. Our major priorities in the BoD are to recruit the company’s senior management team; develop investment, financing and staffing policies; adopt key policies and procedures, business plans, annual budget and spending controls; put in place committees that will monitor the company’s compliance to the applicable laws, regulations and directives; and set performance standards for the senior management,” he added.
Last month, Marka has named its first board of directors for a term of three years. The inaugural general assembly of Marka ratified the memorandum of association and articles of association of the company and approved the proposal submitted by the Founders Committee.
The inaugural general assembly followed the successful IPO of the company’s shares, which was oversubscribed by more than 36 times, making it one of the most appealing IPOs to investors in the United Arab Emirates.
Copyright © 2019 Marka. All rights reserved.