Dubai — Mubasher: A bulk transaction was executed on Ajman Bank’s stock on Tuesday at a combined value of AED 60 million, or AED 0.94 per share, on the Dubai Financial Market (DFM).

Under the deal, the emirate of Ajman’s ruler Sheikh Humaid bin Rashid Al Nuaimi and Dubai Investments acquired around 8.71% of Ajman Bank.

In May 2016, the DFM launched the direct deals service in a bid to enable investors and brokerage firms to accomplish bulky deals on shares of a listed company while exempted from the price cap in effect (15% up and 10% down).

“The price must not exceed the previous closing price by 25% up or down, will not be reflected on the closing price, the DFM General Index, and high and low prices during the session or the 52 weeks,” the DFM said.

By 10:22 am Dubai time, Ajman Bank’s stock fell 0.53% and saw trading of 73,003 shares at a turnover of AED 68,530.