The Securities and Commodities Authority (SCA) has announced its approval for the listing and trading of a rights issue related to the increase in capital of Eshraq Properties through the issuance of 600 million new shares, equivalent to 600 million subscription rights on the Abu Dhabi Securities Exchange (ADX).

The rights issue listing and trading will begin on Sunday, November 2, 2014 and will end on Thursday, November 13, 2014.

According to SCA’s official website, this approval is the first of its kind to be issued by the authority. It comes as implementation of SCA’s Board of Directors’ decision no. 38 of 2013 on the listing and trading in the capital increase rights issue of joint stock companies, which was issued in accordance with the best international practices.

It is worth mentioning that this method is the most suitable and in line with global markets owing to the positive effects it bears on increasing trading and offering protection to the rights of all shareholders and related parties in the financial markets.