Arkan Building Materials’ 100m Shares to be unlocked

Arkan Building Materials’ 100m Shares to be unlocked
Published: 28 August 2009

After the expiry of a two year lock-in period on Tuesday, 100 million shares of Arkan Building Materials Company, also known as Arkan, handed out to widows and low income people by the Government of Abu Dhabi, have been allowed to be traded on the Abu Dhabi Exchange, or ADX, from today.

The government allocated the shares of the company, which it created after merging the cement and concrete blocks manufacturing factories in Abu Dhabi, managed by the General Holding Company, the industrial arm of Abu Dhabi, as a policy to support the low income individuals.

The shares were handed out at the time of the launch of the initial public offering of the company, as part of government’s efforts to share the public wealth with the underprivileged sections of society.

Mohammed Ali Yasin, Chief Executive Officer of Shuaa Securities, said that investors can now trade their shares, which were given free of charge at a face value of Dh1 per share.