Dubai-based interior design firm Depa Ltd. (DEPA.DIF) Tuesday said its shareholders approved a 2:1 stock split and that the company’s ordinary share capital will be redenominated from U.S. dollars to U.A.E. dirhams.
In a statement on the NasdaqDubai bourse Web site where its shares are listed, Depa said one additional ordinary share will be issued for every outstanding ordinary share held on March 30.
In the statement, the company didn’t give a reason for redenominating the company’s capital to U.A.E. dirhams, but said “the board of directors have the power to implement such redenomination as they see fit including, without limitation, in relation to the selection of an appropriate exchange rate and the mechanism for dealing with fractional entitlements.”
Depa last month said it expects 2009 net profit to rise around 24% to 241 million U.A.E. dirhams ($65.7 million) from AED194.5 million a year earlier.
Depa shares last traded up 4.5% at $0.70 on the NasdaqDubai Tuesday.