Shuaa Capital (SHUAA) won a couple of awards yesterday at a Middle East Publilc Relations Association (MEPRA Awards 2009) ceremony. One of them was for investor relations.
You. Have. Got. To. Be. Kidding.
Shuaa ?
Just yesterday in the forum we had this (and it's not unusual for Shuaa to ignore DFM guidelines about posting disclosures in both Arabic and English).
Cash King 24 November 2009 wrote:
Hi Friends,
Today at DFM web site Shuaa Capital announce the Board of Directors meeting results. which is in arabic.
And I gave up a long time ago asking Shuaa investor relations department for clarifications and/or translations - I never received a reply. In fact, the only action they did appear to take was to remove me from their distribution list.
Perhaps the criteria for "A New Standard of Full And Fair Disclosure" are not quite what investors like me imagine them to be.
Press Release 24 November 2009:
Category: Research Led Communications
Restoring Investor Confidence
SHUAA Capital
Category: Financial & Investor Relations
A New Standard of Full And Fair Disclosure
SHUAA Capital
Thank you SW you feel & acknowledge our problems. But the strange aspect is that Shuaa Capital has 17% Foreign Investor ( Non Arabs).
I hope that ESCA & DFM must make is madatory for all listed companies having Foreign Investors must report in National ( arabic) & international ( English).
Companies Failing to do so should be STOP TRADING.
I hope that ESCA & DFM must make is madatory for all listed companies having Foreign Investors must report in National ( arabic) & international ( English).
As far as I know, it is a requirement already, for all companies, not just those with foreign investors. Perhaps this rule just applies to financial statements, but that doesn't make sense then (emphasis added by me) ...
sca.ae 25 November 2009:
Decision No (3/R) of 2000 Concerning the Regulations as to Disclosure and Transparency
...
The above reports should be prepared according to the international accounting standards, which are issued by The International Accounting Standards Board (IASB), in both Arabic and English. Such reports should include board of directors' report, audit report, balance sheet, income statement, cash flow statement, changes in equity statement, and the notes to the financial statements.
Entities or companies are required to disclose the financial reports before or after trading hours.
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2008 FY
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