If an existing company wants to offer shares after conversion into a public joint-stock company, it must have released audited financial statements for what minimum number of fiscal years prior to the request to offer shares?
For a company wishing to offer shares after converting into a public joint-stock company, it must have released audited financial statements for a minimum of three fiscal years prior to the request to offer shares. This requirement ensures that the company has a solid track record of financial performance and transparency, which is essential for potential investors to evaluate the company’s viability and financial health. The three-year period provides enough historical data to assess trends and make informed investment decisions, supporting market integrity and investor protection.
[Reference: CISI UAE Financial Rules and Regulations — Requirements for Public Offerings, Section 4.2.3 (2023)., ]
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