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Depa reveals date of listing currency switch to UAE dirhams

Depa Limited's last day of trading in US dollars on Nasdaq Dubai will be on 6 March, 2018. It will commence trading in UAE dirhams on 11 March

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

Depa Limited has announced that it will be changing its listing currency on Nasdaq Dubai from US dollars to UAE dirhams on 11 March, 2018.

The interior solutions group said in a statement that the company’s last day of trading in US dollars would be on 6 March. Depa would temporarily halt trading from 7-8 March, before commencing trading in UAE dirhams on 11 March.

According to Depa, its trading symbol will not be affected by the currency conversion.

The company first announced its plans to change its listing currency on the trading platform last month, noting that the switch is expected 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.

Hamish Tyrwhitt, group chief executive officer at Depa, commented: “The conversion of our listing currency to UAE dirhams, in conjunction with the other many actions that we have taken, will lead to enhanced liquidity of Depa’s shares and the generation of sustainable value for Depa’s shareholders.

“A UAE dirham-denominated listing should attract more regional investors, both institutional and retail, especially those who have traditionally found trading in US dollars to be a deterring factor.”

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