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ARTICLE · 15 JULY 2010

Conversion And Delisting In The UAE

Hadef & Partners
Hadef & Partners
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Hadef & Partners

Hadef & Partners

Shaping UAE law for over 45 years Hadef & Partners is a long-established UAE law firm with an...

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Recent media coverage has turned to the topic of delisting in the UAE in light of the possibility of the first delisting of a company from the ADX.

United Arab EmiratesCorporate/Commercial Law
Elsie Habib
Elsie Habib

Recent media coverage has turned to the topic of delisting in the UAE in light of the possibility of the first delisting of a company from the ADX. This area has been met with uncertainty with regards to how this might take place under UAE law and as yet remains untested. In this article, Elsie Habib looks at conversion and delisting in the UAE.

In brief:

  • There is a major difference between a PJSC's application for conversion from its legal form and ESCA initiating a delisting.
  • ESCA can delist the securities of any PJSC at its sole discretion, however, this does not affect the legal form of the PJSC.
  • Delistings occur either as a result of a company conversion from a PJSC into a PrJSC or LLC in which delisting will be part of the conversion process, or due to reasons stipulated clearly under ESCA rules and regulations.

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