UAE supermarket Union Coop to list on Dubai stock market

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A trader talks on the phone during the opening of the Dubai stock market June 26, 2016. REUTERS/Ahmed Jadallah/Files

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DUBAI, July 1 (Reuters) - Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai stock market on July 18.

The company said in a statement that existing shareholders would be offered ten shares in the listing for each share held, and that trading of shares on its own portal had been suspended.

The share price will be determined on the first day of trading, it said.

Union Coop, which operates 23 branches, is the largest consumer cooperative in the UAE, according to its website.

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Writing by Alexander Cornwell; Editing by Jan Harvey

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