UAE-based consumer cooperative, Union Coop has opened its purchasing ceiling to its shareholders to offer them the highest possible returns on their purchases as of beginning of 2019. The decision comes as a result of its strategic objectives to ensure shareholder happiness and achieve high returns on their investments.
Explaining the decision, Majid Hamad Rahma Al Shamsi, chairman of Union Coop, said, “With respect to the continuous efforts of Union Coop’s board of directors to make its shareholders happy, the board decided to call-off the previous limit of the purchase ceiling of AED100,000. Now the shareholders can obtain returns on all their purchases, regardless of the total amount as per the rates of return on purchases approved at the Annual General Assembly Meeting.”
Al Shamsi added that Union Coop is continuously seeking new ways and ideas to improve financial performance and contribute towards building a strong and sustainable national economy as well as shareholder happiness at the same time.
“The board’s decision has been activated retroactively as the return on purchases of shareholders shall be calculated as of the beginning of 2019. This will increase the financial ROI and benefit the shareholders,” Al Shamsi added.