Abu Dhabi's secondary stock market to see three listings from International Holding Corp.
IHC will list three subsidiaries on ADX's secondary market, including Easy Lease
Dubai: The local stock markets are getting active again - International Holding Corporation will be listing three of its subsidiaries on Abu Dhabi Securities Exchange's secondary market later this month.
In recent days, the Dubai and Abu Dhabi markets have seen heightened activity, with foreign buying activity showing a marked improvement.
Syed Basar Shueb, CEO and Managing Director of IHC, said in a statement: "By listing on the Second Market, these ambitious companies are offering investors an exceptional opportunity to participate directly in the early to mid-stage growth phase of their corporate development.”
“IHC has developed into a diversified holding company with global interests. However, many of our fastest growing companies are homegrown in the UAE and are benefitting from shifting consumer and investment trends in the country."
The three entities are:
* Palms Sports will start trading on December 21, with each share having a nominal value of Dh1. The share capital will be Dh150 million. The company - which is into sports education programmes - had assets of Dh344.5 million as at the end of September .
* Zee Stores will go live on debut on December 23. It is into trading and and importing fresh consumables as well as canned, preserved and frozen foods. The nominal capital base is Dh100 million. Founded in 2002, it had assets of Dh189 million by end September.
* Easy Lease is a supplier of rental motorcycles for the delivery and courier sector. It will list after December 27. The company has a nominal share capital of Dh30 million. Launched in 2011, it had assets of Dh74.1 million as at the end of September.
Just recently, Nasdaq Dubai announced the launch of a dedicated platform for small and mid-sized business to list. The Nasdaq Dubai Growth Market has more flexible options when it comes to companies wanting to list.