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Union Coop opens shareholders' purchase ceiling

DUBAI, July 8, 2019

Union Coop, the largest consumer co-operative in the UAE, has publicised that it has opened its purchasing ceiling to its shareholders to offer them the highest possible returns on their purchases as of the beginning of 2019.

Previously the subscribers' purchase ceiling was set at Dh100,000 ($27,218), said the statement from Union Coop.

The decision comes as a result of the consumer co-operative's strategic objectives to encourage shareholders to invest with Union Coop and ensure a high return on their investments.

Chairman Majid Hamad Rahma Al Shamsi said: "In order to make shareholders happy, the Board decided to call-off the previous limit of the purchase ceiling of Dh100,000."

"Now with this move, the shareholders can obtain returns on all their purchases, regardless of the total amount as per the rates of return on purchases approved at the Annual General Assembly Meeting," he stated.

Al Shamsi pointed out that Union Coop was continuously seeking new ways and ideas to improve financial performance and contribute towards building a strong and sustainable national economy as well as shareholder happiness at the same time.

"The board's decision has been activated retroactively as the return on purchases of shareholders shall be calculated as of the beginning of 2019. This will increase the financial ROI and benefit the shareholders," he added.-TradeArabia News Service




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