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Dubai: Air Arabia, the Sharjah-based budget carrier, said it has been granted approval to begin trading its shares on the Dubai Financial Market on July 17.
The Emirates Commodities and Securities Authority (Esca), the UAE's capital markets regulator, gave the approval. In March, Air Arabia raised Dh2.56 billion through its offer of a 55 per cent public stake in the company.
In accordance with Esca's regulations, the company will publish its complete financial statements for the past two financial years, its first quarter results and its opening balance sheet on July 7, this year, for the benefit of all its current shareholders and potential future investors.
Adel Ali, Air Arabia chief executive officer and board member, said, "The listing of Air Arabia is indeed a milestone for our company, having come such a long way in a short span of time. These past few years have witnessed great achievements, growth and expansion into new markets.
With the support of our shareholders we will take Air Arabia to new heights, consolidating our position as the market leader, adding new travel destinations and increasing our fleet size."
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