Details
Listed Companies requests for securities withdrawal from Dubai CSD in case of:
- Bankruptcy or insolvency.
- Depository Withdrawal from Dubai CSD, for depository at head-office home country. (In case of Dual listing).
- Any Other Depository Withdrawal Cases.
Fees
Withdrawal Fees:
Withdrawal Cases (1-2) above:
- AED 25 per shareholder in the share book, minimum of AED 25,000 and maximum of AED 500,000
Withdrawal Case (3) above:
- Fees Calculation: No. of shares X Last Closing Price X 0.002 = minimum AED 10 Million.
- Financial Guarantee of AED 100 million for period of 5 years:
- Minimum of AED 50 million as Cash Guarantee deposited in Dubai CSD account.
- The remainder amount of the financial Guarantee under an unconditional bank guarantee in favor of Dubai CSD.
SMS Service Fees:
Procedures
- Ensure to apply for the securities withdrawal from Dubai CSD after getting the approval from the concerned entities in accordance with the Law & SCA regulations.
- Fees payment, in advance clear from any tax or charges, as the depository withdrawal request will not take effect until all fees have been settled.
- Submission of Financial Guarantee for (case 3) in advance, as the depository withdrawal request will not take effect until the Financial Guarantee is received:
- Dubai CSD can liquidate all or part of the Financial Guarantee to settle any claims or risk on Dubai CSD depository withdrawal.
- Dubai CSD can liquidate all or part of the Financial Guarantee to settle any claims or risk on Dubai CSD depository withdrawal.
- Ensure there are no financial obligations with Dubai CSD.
- Provide the SMS Text in English & Arabic to notify the shareholders on the withdrawal effective date.
- Withdrawal request will execute within (6) months, not exceeding (9) months, from the of completing the withdrawal request, procedures & requirements applied with Dubai CSD.
- Dubai CSD shall send the below to issuer or registrar after the withdrawal :
- Confirmation letter on the withdrawal from Dubai CSD.
- Last updated share book.
Copies of all official entities orders, banks’ and Financial Institutions’ pledge requests, Official Guardians’ letters such as (AWQAF & AMAF) along with related reports (if any).
Required Documents
- Official securities withdrawal request letter addressed to Dubai CSD mentioning:
- Reason of withdrawal.
- Last Date of trading (before withdrawal effective date)
- Copy of the official approval from the concerned entities in accordance with the law and SCA regulations.
- Financial Guarantee (for case 3) of AED 100 million for period of 5 years.
How to Apply
Submit through eServices at Dubai CSD. Submit the original Financial Guarantee for (Case 3) to Dubai CSD at DFM.