Umm Al Quwain Coop in the United Arab Emirates has announced that 2.5 million stocks will be available for public trade.
The initial public offering on the stocks, worth 50 million dirham (£10m), begins on January 21 to raise funds to invest in the retailer, part of the country’s largest consumer co-op, Union Coop.
Stocks will be available at selected Emirates Islamic branches.
Umm Al Quwain chairman Nasser Al Talay said: “The main objective of offering stocks for public trade is to increase capital to invest, implement future plans and expand current services offered by UAQ Coop.
“Ultimately, this is will allow us to serve the consumers better by offering them the best service at competitive prices. Umm Al Quwain Coop’s primary objective is to benefit the citizens and residents by offering world-class products and services under the same roof. We wish to take care of society’s needs and offer our support to social sector in a manner that honors the vision of the leadership.”
He added: “This will create an opportunity for sustainable and guaranteed investment opportunities with considerable positive aspects, as the value of the stocks will contribute to the development and expansion of the co-op and support its future plans.”
The chairman of the board of directors at Union Coop, Majid Hamad Rahmah Al Shamsi, said: “We will deploy all of our resources to co-operate and move ahead with the management of Umm Al Quwain Coop, in implementing best-in-class practices and technologies in retail. Initially, we will be focusing on offering the best services at competitive prices to the people of Umm Al Quwain emirate and neighboring areas.”
Last year, Union Coop launched an online shopping site offering a wide range of household and electronics goods from international brands.