Depa rings market bell with Nasdaq Dubai to celebrate start of share trading in UAE DirhamsMar 18 ,2018
Hamish Tyrwhitt, Group Chief Executive Officer of Depa Limited, a leading global interior solutions group, and Hamed Ali, Chief Executive of Nasdaq Dubai, rang the market opening bell today to celebrate the start of trading of Depa’s shares in UAE Dirhams.
Depa, who will celebrate 10 years as a listed company on the Nasdaq Dubai next month, has converted its listing currency to Dirhams from US dollars, which had been the company’s listing currency since its initial public offering (IPO) in 2008. The redenomination of Depa’s listing currency is expected to increase the attractiveness of Depa’s shares to the regional institutional and retail investor bases, which should encourage increased investor interest, improved liquidity and support efficient pricing.
Depa is currently the only company with listed securities on the Nasdaq Dubai trading in UAE Dirhams and the first to make use of Nasdaq Dubai’s flexible currency framework for equities.
The trading symbol for Depa (DEPA:DU) has remained unchanged as a result of the conversion to Dirhams, which took place effective from today. The conversion followed discussions with Dubai Financial Services Authority (DFSA) as the Listing Authority.
Hamish Tyrwhitt, Group Chief Executive of Depa Limited, said: “This conversion of Depa’s listing currency to UAE Dirhams is part of our strategy to deliver long-term sustainable shareholder value. It is one of several initiatives we are undertaking to increase the attractiveness of our shares to regional institutional and retail investors, improve liquidity and ensure a more efficient pricing of Depa’s shares.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Our versatile infrastructure enables Nasdaq Dubai to work effectively with our listed companies to create solutions that meet their evolving needs and support their growth journey. We are delighted to be hosting trading in Dirhams for Depa following its change of listing currency on behalf of investors, and we are committed to continuing to support the company’s liquidity and investor engagement as well as supplying efficient post-trade and clearing services.”
About Depa Limited
Depa is a strategic management company specialising in global interior solutions. Depa’s four key business units hold leading positions in their respective markets: Design Studio, Vedder, Depa Interiors Group and Deco Group. Employing thousands of people worldwide, the Group’s operations are centred on three regional hubs: Asia, Europe and the Middle East.
Depa’s mission, shared by each of its key business units, is to deliver sustainability, profitability and performance for our clients, shareholders and employees. The Group’s five core values are integral to everything Depa does: transparency, integrity, accountability, professionalism and exceptional service.
Depa Limited is listed on the Nasdaq Dubai (DEPA:DU) and is headquartered in Dubai, United Arab Emirates.
For further information, please contact:
Hamish Tyrwhitt, Group Chief Executive Officer
Steven Salo, Group Chief Financial Officer
Tel: + 971 4 446 2100
For more information, please refer to the corporate website: www.depa.com
About Nasdaq Dubai
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).