Nasdaq Dubai Soon will be in Hands of DFM
As a result of Global financial crises, Dubai Financial Market, which is the only Gulf Arab stock market to sell shares to the public, thought of buying Nasdaq Dubai for $121 million.
Under the deal, Nasdaq Dubai has been offered $102 million in cash and 40 million DFM shares to Borse Dubai Ltd. and the NASDAQ OMX Group Inc. will hold a 1 percent stake in the DFM and Nasdaq Dubai will continue to use its name and technology.
Nasdaq Dubai is the Emirate’s second-biggest bourse after the state-controlled DFM. It is the joint possession of Nasdaq OMX, which has its one third stake, and of Borse Dubai which boasts a share of two thirds of the company.
Soud Ba’alawy also resigned from the chairmanship of Nasdaq Dubai.
“The aim of this transaction is to widen DFM’s asset classes for investors, to allow the company’s shareholders to benefit from the future growth of Nasdaq Dubai and to further develop closer operational links between the two exchanges”, an official statement explained.
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