Malabar Investments redomiciles to DIFC
MOVE WILL ENABLE ITS SHAREHOLDERS TO TRADE EASILY
The gold and jewellery retailer Malabar Gold & Diamonds’ international operations is now headquartered at the DIFC hub. The redomiciling also means the international arm of the Indian retailer has entered the Nasdaq Dubai private Market and its shares placed with the stock exchange’s Central Securities Depository.
The group’s entry into the Nasdaq Dubai Private Market enables its 300-plus shareholders from international operations to buy and sell shares with the approval of the Board of Directors through brokerage companies like Emirates ENBD Securities. Transfers of ownership will take place securely via the CSD, while trading will take place off-exchange as the company remains privately held.
There are 260 stores in the Malabar portfolio.
Malabar Gold and Diamonds currently generates annual turnover of $4.51 billion through a network of over 260 outlets and 14 wholesale units and 14 jewellery manufacturing centers across 10 countries.
The DIFC move is “a significant step that strengthens Malabar’s links with investors and provides the company with a well-regulated, efficient and
secured solution for its sharerelated corporate actions,” said Malabar in a statement.
To celebrate this development, Malabar Group’s chairman MP Ahammed rang Nasdaq Dubai’s market opening bell, in the presence of Essa Kazim, Governor of DIFC and Chairman of Dubai Financial Market (DFM), Dr PA Ibrahim Haji, Co-Chairman of Malabar Group; Hamed Ali, CEO of Nasdaq Dubai and Deputy CEO of DFM, as well as other senior representatives from both sides.
Essa Kazim said: “As the leading centre of excellence and international financial hub of the region, Dubai has been committed
to provide various types of companies with numerous opportunities to avail benefits of capital markets and empower their growth strategies.”
Significant milestone
The DIFC is the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of $7.7 trillion.
MP Ahammed said: “As Malabar Gold & Diamonds continues to grow internationally, it has become imminent that the holding company be based in a jurisdiction like Dubai International Financial Centre.”