Union Coop, a leading retailer and mall owner in Dubai, is exploring the possibility of transitioning from a consumer cooperative society to a publicly listed joint-stock company. This shift is part of the company’s strategy to expand its operations, enhance its market presence, and optimise its financial resources.
To study the feasibility of this transformation, Union Coop has appointed Dubai-based law firm Al Tamimi Company to conduct an in-depth analysis.
If the change goes ahead, the company would be able to list its shares on the stock exchange, subjecting it to more rigorous regulatory oversight. This move would also make its shares accessible to a broader range of investors, as currently, only Emirati shareholders are allowed to hold them. Union Coop had already taken steps towards public listing by listing its shares on the Dubai Financial Market in 2022, though it maintained its status as a consumer cooperative society.
Founded in 1982, Union Coop operates 27 hypermarket branches across the UAE and owns eight shopping malls, including Al Warqa City Mall, Etihad Mall, and Al Barsha Mall. The company has also expanded its retail operations with the launch of a new chain called ‘Coop,’ which has four outlets, as well as a smaller ‘Mini Coop’ chain with one location.
In its most recent financial results, Union Coop reported a net profit of AED 49.56 million ($13.49 million) for the quarter, marking a 17% increase from the previous year. Sales for the same period reached AED 430 million ($117 million), reflecting a 4% growth year on year.