Malabar Investments shifts to DIFC

Hyderabad: Malabar Investments, an arm of Malabar Gold & Diamonds, has redomiciled the company with the Dubai International Financial Centre (DIFC) and the registration of its shares of international operations with Nasdaq Dubai's Central Securities Depository (CSD).

Malabar Group's Chairman M P Ahammed rang Nasdaq Dubai's market opening bell, in the presence of Essa Kazim, Governor of the Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM) and other representatives were present.

"As Malabar Gold & Diamonds continues to grow internationally, it has become imminent that the holding company be based in a jurisdiction like Dubai International Financial Centre (DIFC) with high international standards of transparency, regulations and compliance.

The board has also recognised the requirement of having an independent regulated authority as the registrar of shares (being Nasdaq Dubai) with share transfer occurring through a more formalised and transparent process," said M P Ahammed, Chairman, Malabar Group

The group's entry into the Nasdaq Dubai private market enables its 300 plus shareholders from international operations to buy and sell shares with the approval of the board of directors through brokerage companies like Emirates ENBD Securities.