Malabar Gold & Diamonds redomiciles to DIFC; joins Nasdaq Dubai’s private market
June 15 2021 10:58 PM
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Malabar Group's entry into the Nasdaq Dubai Private Market enables its 300+ shareholders from intern
Malabar Group's entry into the Nasdaq Dubai Private Market enables its 300+ shareholders from international operations to buy and sell shares with the approval of the board of directors through brokerage companies like Emirates ENBD Securities.

Malabar Investments, the international investment arm of Malabar Gold & Diamonds, one of the largest global jewellery retailers, announced that it has redomiciled the company with the Dubai International Financial Centre (DIFC) and the registration of its shares of international operations with Nasdaq Dubai’s Central Securities Depository (CSD).
This, it said, is a “significant step that strengthens Malabar’s links with investors and provides the company with a transparent, well regulated, efficient and secured solution for its share-related corporate actions.”
To celebrate this development, Malabar Group’s chairman M P Ahammed rang Nasdaq Dubai’s market opening bell, in the presence of Essa Kazim, Governor of the Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM); Dr P A Ibrahim Haji, co-chairman of Malabar Group; Hamed Ali, CEO, Nasdaq Dubai and deputy CEO of DFM, as well as other senior representatives from both sides.
The group’s entry into the Nasdaq Dubai Private Market enables its 300+ shareholders from international operations to buy and sell shares with the approval of the board of directors through brokerage companies like Emirates ENBD Securities.
Transfers of ownership will take place securely in Nasdaq Dubai’s Central Securities Depository (CSD), while trading will take place off-exchange as the company remains privately held.
Kazim said, “As the leading centre of excellence and international financial hub of the region, Dubai has been committed to provide various types of companies with numerous opportunities to avail benefits of capital markets and empower their growth strategies. The world-class business environment of DIFC as well as the infrastructure and regulations of Nasdaq Dubai have been a key success factor in continuously attracting numerous leading businesses from across the globe whether to set up new companies, redomicile their current activities or implement their capital market transactions.
Ahammed said, “As Malabar Gold & Diamonds continues to grow internationally, it has become imminent that the holding company be based in a jurisdiction like Dubai International Financial Centre (DIFC) with high international standards of transparency, regulations and compliance. The Board has also recognised the requirement of having an independent regulated authority as the registrar of shares (being Nasdaq Dubai) with share transfer occurring through a more formalised and transparent process.”
Malabar Gold and Diamonds, the group’s operating business, currently generates annual turnover of $4.51bn through an extensive network of over 260 outlets and 14 wholesale units and 14 jewellery manufacturing centres across 10 countries in the Middle East, South Asia, Far East and USA.
The company had recently announced the expansion plan to launch some 56 stores with 40 in India and 16 internationally in FY21-22 with an investment of $220mn, which demonstrates its confidence in the growth of these markets in future.
 
 



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