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Depa to convert Nasdaq Dubai listing currency to UAE Dirhams

Depa expects the change in the listing currency to increase the attractiveness of its shares to institutional and retail investor bases

Hamish Tyrwhitt, group chief executive officer of Depa.
Hamish Tyrwhitt, group chief executive officer of Depa.

UAE-headquartered interior solutions group, Depa Limited, has announced plans to change the currency of its listing on the Nasdaq Dubai trading platform to UAE dirhams.

The company said in statement that it has notified Nasdaq Dubai of its intention to make the switch from US dollars.

According to Depa, it expects the change in the listing currency to increase the attractiveness of its shares to institutional and retail investor bases, and, in turn, lead to increased investor interest, improved liquidity, and more efficient pricing.

Discussions in relation to the conversion have been held with Nasdaq Dubai, the Dubai Financial Services Authority, and other important market participants, said Depa, adding that the conversion is expected to take place before 31 March, 2018.

Commenting on the currency switch, Hamish Tyrwhitt, group chief executive officer of Depa, said: “The conversion of Depa’s listing currency to UAE dirhams is just one of the many actions that Depa is taking to enhance the liquidity of its shares and generate sustainable value for its shareholders.

VIDEO: CW Awards 2017's Lifetime Achiever Hamish Tyrwhitt

“A UAE dirham-denominated listing is expected to be more attractive to our regional investors, both institutional and more importantly retail, especially those who have traditionally found trading in USD to be a deterring factor.”

He added: “Depa is also assessing a number of other actions to enhance the liquidity of its shares and will communicate the outcome of this to the market in due course, as appropriate.”

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