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The statement also pointed out that the percentage of shares allowed to be listed on DFM does not exceed 10 per cent of the bank's capital.
His Excellency Essa Kazim, Chairman of Dubai Financial Market (PJSC) said, "The slowdown in trading activity during the first half of 2016 has overshadowed the revenue and profit of the DFM Company.
Founded in 1969, DFM is one of China's largest auto groups and has an extensive business portfolio that covers the full range of commercial vehicles, passenger vehicles, auto assemblies, auto equipment and other automotive-related business.
DFM has actively participated in Dubai s efforts towards becoming the capital of Islamic economy and to strengthen the Emirate s position as a global Sukuk centre.
Chart 1: Average Daily Trading Value (AED mn) Source: DFM
It is noteworthy that this is the third listing on DFM since the beginning of 2017 after the listing of both Emaar Development and Orient UNB Takaful.
Essa Kazim said, "The DFM sustained its development efforts aimed at enhancing market infrastructure according to the international practices.
Dubai is our home city and a listing on the DFM, which was the natural progression for the company, will help us strengthen our position at the forefront of luxury real estate development," Sajwani said.
This initiative is a key pillar of the DFM educational program aimed at preparing the new generation of investors.
While making observation on the performance, the DFM Chairman Abdul Jalil Yousuf Darwish said, DFM company has witnessed several momentous developments during first quarter including the launch of Standard for Issuing, Acquiring, and Trading Sukuk draft, the first-of-its-kind comprehensive standard in January.
Ajman Bank's listing comes as a result of the completion of all the necessary requirements affixed by the Emirates Securities and Commodities Authority (SCA) and DFM.
To help designers offset their 65nm production challenges, UMC has been closely collaborating with the industry's leading EDA vendors to successfully deliver optimal DFM solutions.