Al Ramz Capital has been reappointed as liquidity provider for the shares of UAE-based property developer, Union Properties.
Its reappointment was made after approvals were obtained from Dubai Financial Market (DFM) and an agreement was signed with the developer.
It is its second reappointment after Gulf Navigation, Al Ramz Capital said in a statement.
"Being a […] provider of liquidity provision services in the region, with active mandates to companies listed on the DFM and the ADX (Abu Dhabi Securities Exchange), has definitely brought increased liquidity to these companies," said Mohammed Al-Murtada Al Dandashi, managing director of Al Ramz Corporation.
“We look forward to signing up more corporates over the coming months."
A liquidity provider is appointed by a company with the sole objective of enhancing the liquidity of its underlying shares, as well as increasing the frequency of transactions.
Union Properties announced in December last year that it plans to raise capital through an initial public offering (IPO) for its facilities management subsidiary, ServeU, in Q2 2018. I
The developer recently acquired a 5.68% stake in Egyptian real estate developer Palm Hills through its investment arm, UPP Capital Investment. It also sold its stake in Emirates District Cooling (Emicool) to Dubai Investments early this year.