FT sells 1% in Dubai bourse for $12.5mn
Following the recent visit of H.H. Sheikh Mohammed Bin Rashid Al Maktoum to India and the signing of the new trade agreements between the both countries, Dubai Multi Commodities Centre (DMCC) has bought one per cent stake in Dubai Gold and Commodities Exchange (DGCX) from India's Financial Technologies Group for 12.5 million dollars (Rs 55 crore) to become the majority stake-owner in the joint venture.
Following the one per cent sale by FT Group, DMCC now holds 51 per cent and FT Group 49 per cent in DGCX, Financial Technologies (India) Ltd informed the Bombay Stock Exchange.
DGCX was started as a joint venture between DMCC, Government of Dubai, FTIL and Multi Commodity Exchange of India Ltd (MCX).
DGCX is an electronic futures and options exchange which utilizes trading, clearing and settlement technology developed by FT Group.
Following the one per cent sale by FT Group, DMCC now holds 51 per cent and FT Group 49 per cent in DGCX, Financial Technologies (India) Ltd informed the Bombay Stock Exchange.
DGCX was started as a joint venture between DMCC, Government of Dubai, FTIL and Multi Commodity Exchange of India Ltd (MCX).
DGCX is an electronic futures and options exchange which utilizes trading, clearing and settlement technology developed by FT Group.
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