Thu 16-02-2017 16:09 PM
DUBAI, 16th February, 2017 (WAM)--Dubai Financial Market (DFM) announced on Thursday that its UAE listed companies have shown a 100% compliance to disclose their preliminary results for the financial year 2016 within the deadline of 45 days from the end of the year in line with the regulations of the Securities and Commodities Authority (SCA).
As much as 48 UAE companies listed on the DFM have disclosed their preliminary results. Out of the 13 non-UAE companies dually listed on the exchange, six companies have disclosed their results within the deadline.
The DFM has praised the commitment of all local companies listed on the exchange to comply with the SCA regulations and urged them to constantly ensure that they fully adhere to the deadlines in order to maintain the high level of compliance DFM listed companies regularly achieve.
The DFM has implemented an extensive campaign over the past few months to make listed companies aware of the implementation of the regulation on disclosing the preliminary annual results within the 45 days deadline, which was introduced last year for the first time. The exchange has dispatched notices to listed companies as well as connecting with disclosure and compliance teams to emphasise on the importance of adherence to the timeframe so that investors receive the results at the earliest as part of DFM’s commitment to further enhance levels of disclosure and transparency.
The DFM employs advanced mechanisms enabling listed companies to swiftly disseminate their results and any other disclosures through the electronic disclosure system (Efsah).
It has submitted a detailed report to (SCA) including the dates of the disclosure and its observations on it.