March 24, 2020 / 1:03 PM / 11 days ago

UPDATE 1-Abu Dhabi exchange ADX turned into a public joint shares company

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DUBAI, March 24 (Reuters) - The Abu Dhabi Securities Exchange (ADX) has been converted into a public joint shares company owned by the state holding company ADQ, according to an Abu Dhabi government tweet on Tuesday.

The company will have 500 million dirhams ($136.15 million) in capital funds divided into 500 million shares, as well as 100 million dirhams in export capital divided into 100 million shares.

ADQ is the new brand of the Abu Dhabi Developmental Holding Company, one of the region’s largest holding companies.

“The newly regulated company will also be responsible for managing and organising the securities market, and enlisting and dealing in securities, depositing, settlements and central clearinghouse works,” the government’s media office said on Twitter.

It will also be in charge of providing, preparing and managing securities dealing platforms and providing services to exporters and brokers, as well as “financial services and products related to the operational and commercial activities of the market.”

United Arab Emirates President Sheikh Khalifa bin Zayed al-Nahyan signed a law to enact the change.

$1 = 3.6724 UAE dirham Reporting by Alaa Swilam; writing by Saeed Azhar and Yousef Saba; editing by Louise Heavens, Larry King

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