Emirates Driving Company

Logotype for Emirates Driving Company
Ticker/ISIN
DRIVE
AEE000601014
Market/Country
Abu Dhabi Stock Exchange
United Arab Emirates
Latest Stock Price
3.22 AED
2024-02-21

Year to date

-0.92 %

3 months

0.00 %

6 months

0.00 %

1 year

0.00 %

3 years

0.00 %

5 years

0.00 %

Latest Pressrelease Summaries

The Emirates Driving Company P.J.S.C. has released its Management Discussion and Analysis Report for the period ending on June 30, 2024. More details can be found on their official website, www.edcad.ae.
Emirates Driving Company P.J.S.C. has released its unaudited interim condensed consolidated financial statements for the period ending 30 June 2024.
Emirates Driving Company PJSC (ADX: DRIVE), a subsidiary of Multiply Group, has acquired a 51% stake in Excellence Premier Investment LLC, the parent company of Excellence Driving Centre. This acquisition is part of Emirates Driving Company's efforts to expand and enhance its services. Both entities will collaborate to develop advanced training curricula and customized programs to meet diverse user needs. The acquisition aligns with EDC's strategic priorities, including sustainable growth and achieving national and international accreditation for driver education. Khaled Al Shemeili, CEO of Emirates Driving Company, stated that this partnership will help advance their vision of providing top-tier driver education services, increasing shareholder value, and enhancing road safety in the region. Founded in 2020, Excellence Driving Centre is known for its customer-centric approach and modern facilities in Dubai. Emirates Driving Company is recognized for its efficiency, innovation, and commitment to high safety standards in driver education.
On 22 July 2024, the Abu Dhabi Securities Exchange was informed that Emirates Driving Company PJSC has acquired a 51% stake in Excellence Premier Investment LLC, the parent company of Excellence Driving Centre, for AED 153 million. This acquisition is part of Emirates Driving Company's strategy to expand and enhance its services. Excellence Driving Centre, founded in 2020, provides comprehensive vehicle driving education in Dubai through over 20 strategic locations and is known for its customer-centric approach and modern facilities.
**Summary:** On June 6, 2024, the Board of Directors of Emirates Driving Company PJSC met from 2:00 p.m. to 3:40 p.m. Four board members were present, achieving an 80% quorum. Key decisions included proceeding with the acquisition of a stake in a domestic company, with details to be disclosed after completing official procedures and negotiations. The board also discussed the company's workflow and project progress. The meeting's resolutions were signed and dated by CEO Mr. Khaled Al Shemeili.
On June 6, 2024, the Board of Directors of Emirates Driving Company PJSC held a meeting from 2:00 p.m. to 3:40 p.m. with four board members present, achieving an 80% quorum. The board agreed to proceed with the acquisition of a stake in a domestic company, with details to be disclosed after completing official procedures and negotiations. Additionally, the board discussed the company's workflow and project progress. The meeting was authorized and signed by CEO Khaled Al Shemeili on June 7, 2024.
Emirates Driving Company (EDC) has received a top AAA ESG rating from MSCI, scoring 9.7 out of 10, the highest in the consumer services industry as of March 2024. This rating reflects EDC's commitment to sustainability, social responsibility, and governance. EDC began its sustainability efforts in 2020 and has since integrated sustainability into its corporate strategy and developed a comprehensive Sustainability Strategy and ESG Governance Framework. In 2023, EDC launched an ESG Transformation Program aimed at achieving Net-Zero emissions by 2050 and addressing broader social impacts. CEO Khaled Al Shemeili highlighted the company's dedication to sustainability and responsible business practices.
On March 27th, 2024, the Emirates Driving Company PJSC held its Annual General Meeting, both physically and virtually, from 01:00 pm to 01:20 pm. The meeting was chaired by H.E. Khalifa Abdulla Al Romaithi. The quorum was 63.30% of the total attendance, all of which were through electronic voting. The assembly approved the Board of Directors' Report, the Auditor's Report, the Company's balance sheet and profit and loss account for the fiscal year ended on 31/12/2023. The proposal for distributing cash dividends by 34% of paid capital, totalling AED 183,164,256, was approved. The assembly also approved the remuneration of the Board of Directors and discharged the members of the board and the auditors for the fiscal year ended on 31/12/2023.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Emirates Driving Company

Disclosures: Emirates Driving Company Financial Results for the Period Ended March 31,2024

The text refers to the unaudited interim condensed consolidated financial statements of Emirates Driving Company P.J.S.C. as of 31 March 2024.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Emirates Driving Company

Disclosures: Emirates Driving Company Management Discussion and Analysis Report for the Period Ended March 31,2024

The text is the Q1 2024 Management Discussion and Analysis Report from Emirates Driving Company P.J.S.C. It is likely to contain information about the company's financial performance, business strategies, market analysis, and future outlook. This document is intended for stakeholders and those interested in the company's financial health and business operations.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Emirates Driving Company

Disclosures: Emirates Driving Company AGM Results held on 27/03/2024 at 13:00

On March 27th, 2024, the Emirates Driving Company PJSC held its Annual General Meeting, both physically and virtually, from 1:00 pm to 1:20 pm. The meeting, chaired by Khalifa Abdulla Al Romaithi, had a quorum of 63.30% attendance through electronic voting. During the meeting, the Board of Directors' report on the company's activity and financial position for the fiscal year ending on December 31, 2023, was approved. The Auditor's report for the same fiscal year was also approved. The company's balance sheet and profit and loss account for the fiscal year were approved. The Board's proposal to distribute cash dividends by 34% of paid capital for the fiscal year, amounting to AED 183,164,256 or 17 fils per share, was approved. Proposals concerning the remuneration of the Board of Directors and discharging the board members and auditors for the fiscal year 2023 were also approved.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Emirates Driving Company

Disclosures: Emirates Driving Company Integrated Report December 31,2023

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Emirates Driving Company

Disclosures: Emirates Driving Company Corporate Governance Report for the year December 31,2023

Emirates Driving Company, established in 2000, is a public shareholding company partly owned by the Abu Dhabi Government. The company was founded to reduce traffic accidents and enhance driver training. They have collaborated with the Swedish National Road Safety Commission (SweRoad) to develop an advanced driving education system. The company has received multiple ISO certifications over the years, including ISO 9001-2008, ISO 14001:2015, ISO 39001:2012, and ISO 31000:2018, reflecting their commitment to quality, environmental management, road safety, and risk management respectively. Their vision is to lead in promoting safer roads in the region, and their mission involves investing in new technologies and innovative operating models. The company's executive management is committed to providing high-quality traffic culture and leadership training, increasing traffic safety awareness, and exceeding customer expectations.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Emirates Driving Company

ADX Disclosures: Temporary suspension of trading on the shares of Emirates Driving Company on 27 Mar 2024

Resolution No. 310 of 2024 has temporarily suspended trading of shares for Emirates Driving Company on the ADX. This suspension is due to the company's AGM being held at the same time as the trading session on 27-Mar-2024. Trading will resume once the AGM results are received by the ADX. All department heads at ADX are required to implement this resolution. The resolution will be circulated to the SCA, the concerned company, all ADX departments, and all brokers accredited by ADX. The resolution was approved by the authorised person and issued on 04/03/2024.

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News Update From Emirates Driving Company

Disclosures: Emirates Driving Company Clarifying disclosure regarding the approval of agencies

The Corporate Governance Manual's Article 40, Clauses 1 & 2, provides guidelines for shareholder representation at general assemblies. Shareholders can delegate someone other than company board members, staff, or employees of a securities brokerage company to represent them. The delegate, however, can represent no more than 5% of the company's issued capital. Legally incompetent individuals must be represented by their legal representatives. The shareholder's signature on the power of attorney must be approved by a Notary Public, Commercial chamber of economic department in the state, a licensed bank or company in the state, or any other entity licensed to perform attestation works. The Proxy form should include the shareholder's and the approving brokerage firm's contact details. The shareholder can issue the Proxy within the limits and powers they deem appropriate, as long as the signature is approved by one of the mentioned authorities.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Emirates Driving Company

Disclosures: Emirates Driving Company Clarifying disclosure regarding the approval of agencies

The Emirates Driving Company (PJSC) has invited its shareholders to attend the annual General Assembly meeting, both physically and virtually, on 27th March 2024. The agenda includes approval of the company's activity, financial position, auditor's report, balance sheet, and profit and loss account for the fiscal year ended on 31st December 2023. The board will also propose the distribution of cash dividends, discuss remuneration of board members, discharge board members and auditors for the fiscal year, and appoint auditors for 2024. A special resolution will consider a proposed offer from a related party to buy EDC's stake in SAWAEED Holding. Electronic registration is required for virtual attendees. Shareholders can delegate anyone except a board member or company employee to attend on their behalf, with certain conditions. Corporate entities can delegate a representative under a board decision.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Emirates Driving Company

Disclosures: Emirates Driving Company Invitation to Attend AGM held on 27/03/2024 at 13:00

The Board of Directors of Emirates Driving Company (PJSC) has invited shareholders to attend the annual General Assembly meeting on March 27, 2024. The meeting will take place both physically at the company premises and virtually. The agenda includes approving the Board of Directors' report, the Auditor's report, the company balance sheet, and profit and loss account. They will also discuss a proposed cash dividends distribution of 34% of paid capital, approve remuneration of the board members, discharge board members and auditors for the fiscal year ended on December 31, 2023, and appoint auditors for the fiscal year 2024. A special resolution will consider a proposed offer from a related party to buy EDC's stake in SAWAEED Holding. Shareholders attending virtually must register electronically to vote.

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Abu Dhabi Stock Exchange News

Abu Dhabi Stock Exchange News

News Update From Emirates Driving Company

ADX Disclosures: DRIVE Resumption Notice

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