Union Coop is considering converting to a public joint stock company

“Union Cooperative” began studying the transformation from a consumer cooperative society to a public joint stock company, after its Board of Directors met yesterday, and discussed its transformation into a public joint stock company.

This comes within the framework of the cooperative’s endeavor to maximize its financial resources, increase its competitive capabilities, and achieve its strategic goals, which include developing its projects, expanding its reach, and improving the services it provides, whether to shareholders, its customers, shoppers, or the community.

This transformation comes as part of its efforts to keep pace with developments taking place at the level of the retail sector in the country, in a way that meets the ambitions and vision of the state and its wise leadership, to raise the economic status of the state, in the interest of the local economy, as the transformation will enhance transparency and governance systems, as the cooperative will be subject to it if it transforms into a A public joint stock company with laws and regulations that are in the public interest of shareholders.

Converting the cooperative into a public joint stock company will bring many benefits to shareholders and those dealing with it alike, as it will open new horizons in the field of investment for shareholders linked to the company’s results and financial performance, in addition to enabling shareholders to diversify their investments and increase their financial portfolio through broader trading of shares in the financial market. , which enhances their ability to achieve higher returns in the long term, as well as it will allow the cooperative to expand and spread into new geographical areas that enable customers to benefit from the company’s services in wider geographical areas and a larger segment of society, And applying the best corporate governance systems.

At the request of the 2023 General Assembly, the cooperative appointed Al-Tamimi Company to work on the conversion file, to provide a comprehensive study to transform its institutional structure into a public joint-stock company.

The study will include an evaluation of the legal and financial aspects, in addition to a review of the legal regulations and systems in this regard, to be presented to the competent authorities and the General Assembly to decide on the decision.

It is worth noting that during the current year, the cooperative witnessed an exceptional transformation in its business process, as it achieved outstanding successes thanks to the clear strategic vision, the efforts of the work team, and the board of directors, and it looks forward to a promising future that carries with it the sustainability of this commercial entity to provide real value to its shareholders and partners.