Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. REUTERS/Stringer
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The United Arab Emirates' Economy Ministry has published new rules allowing firms in the Gulf Arab state to use existing shares when listing on local exchanges or raising fresh equity capital, a move likely to boost private equity in the country.Under a July 1 ministerial resolution on firms converting to public joint stock companies, founders of a company can list shares through a sell down of a certain percentage of their existing stock.Included is a provision reducing the minimum free float required in IPOs to 30 percent from the current 55 percent on UAE exchanges.
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