The Emirates Securities and Commodities Authority (SCA) has said that the disclosure rate of local public joint stock companies (PJSCs) for the first quarter of the 20010 fiscal year ending on 31/3/2010 has reached 99.1%.
The SCA added that 105 local PJSCs out 106 listed on securities markets in the country have declared their financial statement for the first quarter of the year, ending 31/3/2010. Which reflected a rate of 99.1%.
The SCA pointed out that 122 companies out of a total of 132 listed on the UAE markets have furnished it with their annual financial statement within the timeframe stipulated by law, to bring the total rate of disclosure of all listed companies (local and foreign) to 92.4%, following the exemption of Firdaus Holding Co, whose financial year ends on 31/3/2010.
Ten companies, including one local and nine foreign companies, failed to meet the deadline for disclosure of their financial statement for the year ending 31/12/2009, the SCA added.
A statement issued by the SCA praised the companies which made the disclosure within the stipulated timeframe and underscored the significance of timely disclosures in building confidence on the market by releasing valuable information to investors.