Union Coop opens ceiling of shareholders' purchases
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Dubai: Union Coop, the largest consumer co-operative in the UAE has notified that it has opened its purchase ceiling for its shareholders to offer them the highest possible returns on their purchases as of the beginning of 2019. This decision comes as a result of its strategic objectives to ensure shareholder satisfaction and to achieve high returns on their investments.
H.E. Majid Hamad Rahma Al Shamsi, Chairman of Union Coop explained the rationale behind the move as part of the Coop's continuous efforts to make its shareholders happy. The Board decided to call-off the previous limit of the purchase ceiling of AED 100,000.
With the new decision, trhe shareholders can obtain returns on all their purchases, regardless of the total amount as per the rates of return on purchases approved at the Annual General Meeting.
Al Shamsi added that Union Coop is continuously seeking new ways and ideas to improve financial performance and contribute to building a strong and sustainable national economy as well as shareholder satisfaction at the same time.
“The Board's decision has been activated retroactively as the return on purchases of shareholders shall be calculated as of the beginning of 2019. This will increase the financial ROI and benefit the shareholders”, HE Al-shamsi added.