ADX Organizes Manazel Real Estate AGM

Press release

Published April 24th, 2014 - 07:14 GMT

During the AGM, ADX provided Manazel shareholders with services including the updating of shareholder information, depositing of share certificates, and providing statements of account

Abu Dhabi Securities Exchange (ADX) has organized the Annual General Assembly of Manazel Real Estate Company, which took place on 17^th April at the Dusit Thani hotel in Abu Dhabi.

Manazel signed a Registrar Agreement with ADX in 2013, by which ADX provides an electronic system for transferring stock ownership in the company, as well as for dismantling mortgage procedures, closure and other services, in accordance with existing market laws.

During the AGM, ADX provided Manazel shareholders with services including the updating of shareholder information, depositing of share certificates, and providing statements of account.

During the meeting Manazel announced its decision to distribute a total dividend of 7% for the year 2013 to its shareholders.

Mr. Rashed Al Baloushi, CEO of ADX said: “We congratulate Manazel on its financial performance and we hope to continue and build on the constructive cooperation between the two organisations in the future. This is an excellent example of our objective to provide global best practice standards for our partners and stakeholders.”

Background Information

Abu Dhabi Securities Exchange

Abu Dhabi Securities Exchange (ADX) was established on 15th of November 2000 by Local Law No. (3) of 2000, the provisions of which vests the Market with a legal entity of autonomous status, independent finance and management, and gives ADX the necessary supervisory and executive powers to exercise its functions.

Moreover, ADX has the authority to establish centers and branches outside the Emirate of Abu Dhabi, and so far it has done so in Al Ain, Zayed City, Fujairah, Ras Al Khaimah and Sharjah.

ADX's board of directors is comprised of seven members nominated by Amiri Decree. The members of the board hold office for a term of three years. The first board of directors was constituted by Amiri Decree No. (8) of 2000.