The President amends commercial companies law
President H.H. Sheikh Khalifa bin Zayed Al Nahyan has issued federal law no. 10 for 2007, pertaining to amending some provisions of federal law no.8 for 1984 on commercial companies.
The law provides for a new definition of the local family-owned businesses that convert into public companies, allowing them to list a minimum stake of 30 percent.
Article 1 of the law provides for addition of a new article to the existing article no. 273 of the law no. 8 for 1984. T he new article defines local family business as a company fully owned by members of one family extending up to fourth generation, regardless of the nature of the company.
The law also allows local family-owned businesses that convert into public companies to retain a maximum stake of 70 percent and to list a minimum stake of 30 percent.
The law shall be published in the official gazette and shall come into effect on the date of its publication. Source
The law provides for a new definition of the local family-owned businesses that convert into public companies, allowing them to list a minimum stake of 30 percent.
Article 1 of the law provides for addition of a new article to the existing article no. 273 of the law no. 8 for 1984. T he new article defines local family business as a company fully owned by members of one family extending up to fourth generation, regardless of the nature of the company.
The law also allows local family-owned businesses that convert into public companies to retain a maximum stake of 70 percent and to list a minimum stake of 30 percent.
The law shall be published in the official gazette and shall come into effect on the date of its publication. Source
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