The General Assembly of the Abu Dhabi Cooperative Society, affiliated with the Mir Group, approved the transformation of the cooperative into a public joint stock company and the listing of its shares on the Abu Dhabi Stock Exchange.
During its meeting held last Thursday, the General Assembly approved the split of the cooperative’s shares to increase its attractiveness to investors, and the distribution of profits worth 135 million dirhams to shareholders.
During the meeting, the financial performance and achievements achieved by the association throughout the year were reviewed, and future goals aimed at strengthening the group’s position as a major player in the UAE’s food security system and ensuring sustainable growth for the benefit of shareholders were discussed.
Nahyan Hamad bin Rakad Al Ameri, Managing Director and CEO of Mir Group, said that during the General Assembly meeting, an ambitious expansion plan was approved that includes the implementation of 10 new projects in Abu Dhabi and Al Ain, in addition to 7 other projects in the Al Dhafra region.
It is noteworthy that the Abu Dhabi Cooperative Society was established pursuant to Resolution No. 21/1 of 1980 by the Ministry of Labor and Social Affairs, and is registered in the records of the Ministry’s Associations Department in the Emirate of Abu Dhabi.
It is also noteworthy that in the first half of 2024, the Mir Group achieved revenues amounting to 1.2 billion dirhams, and net earnings before deducting interest, taxes, depreciation and amortization amounted to 171 million dirhams. A comprehensive process of consolidation of the assets of the Mir Group was also implemented and classified into specific sectors, including the retail and commercial real estate sectors. .
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