(FH) Finance House won the Diamond Category for the financial disclosure Award today
Congratulations FH for the Diamond Disclosure Award ... I think.
FH don't stand out in terms of information flow, or supplying comprehensive information as far as I remember. Their 2008 Q1 financial statements included a Board of Directors report but it wasn't particularly enlightening I thought - I have seen a handful of far better management reports from other ADX listed companies.
Still, at least most of their disclosure are in Arabic and English, more so than many other companies.
But really, they, or the ADSM should win the Diamond Gold Platinum Award for irony. ESCA fined several companies last month for poor disclosure of 2008 Q1 results - one of the requirements is that disclosures should be in Arabic and English.
ESCA 01 June 2008:
Furthermore, these reports should be issued in both Arabic & English ...
The disclosure about the FH Disclosure Award is in Arabic and .... er ... just Arabic . _________________ UAE IPO list | posting guidelines
Ah, the ADX have just updated their site with an English version. Time for me to go and see if I have any humble pie in the freezer I guess ...
... I'm still at a loss to understand what was so special about FH disclosures though
ADX 18 June 2008:
(FH) Finance House wins financial disclosure award for the second year in a row
Press Release 18 June 2008:
Finance House wins financial disclosure award for the second year in a row
Finance House (FH), the leading provider of retail and commercial financing solutions in the UAE, was placed in the Diamond Category (i.e., Top category) for the second consecutive year.
The award ceremony was held by Securities and Commodities Authority to honour companies for exemplary financial disclosure among all the listed companies in the UAE for the year 2007.
Mr. Mohammed Abdulla Alqubaisi, Chairman of Finance House, said, “We are very pleased with the reaffirmation of the recognition by the Authority. We continue to emphasize on maintaining and achieving the highest standards of transparency, disclosure, and corporate governance, in the best interests of our shareholders.”
The award, which is instituted and administered by the Authority, is based on a comprehensive system of ranking all listed companies of the UAE for timely and complete submission of financial information throughout the reporting calendar on a consistent basis.
Mr. Mohammed Alqubaisi, Chairman, received the trophy and citation on behalf of Finance House from Mr. Abdullah Alturaifi, Chief Executive Officer, Securities and Commodities Authority, at a well attended function organized by the Authority.
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