The Emirates Securities and Commodities Authority (SCA) has announced that the rate of disclosure of financial statement by local public joint stock companies for the first half of the current has reached 99.1%.
A statement issued by the SCA said the total number of local companies which declared their financial statements for the first half of the year ending 30th/June/2010, following a demand for that, has reached 105 companies out of 106 local public joint stock companies listed on securities markets in the country.
The statement added that the number of listed local and foreign PJSCs which furnished the SCA with their financial statements within the stipulated legal timeframe has reached 122 from a total of 130 companies listed on the UAE markets and registered with the SCA, representing a disclosure rate of 94%. This follows the exclusion of Abaar Investment as the latter had applied to convert into a private joint stock company, thereby delisting from the market.
The SCA further stated that the number of companies yet to disclose their financial statement for the first half of the year ending 30th/June/2010 is eight companies, including one local company, while the remaining seven are foreign companies.
The SCA praised the companies which made the disclosure within the stipulated legal timeframe and underscored the significance of disclosure in building confidence in the country's securities markets and in shedding light on data and information for investors.