Abu Dhabi Securities Exchange (ADX) announced that Foodco National Foodstuff P.J.S.C. (Foodco), has listed its shares on the exchange’s Second Market. Image Credit: Pankaj Sharma/Gulf News

Abu Dhabi: Abu Dhabi Securities Exchange (ADX) announced that Foodco National Foodstuff P.J.S.C. (Foodco), has listed its shares on the exchange’s Second Market under the trading symbol FNF. It is the first company to be listed on ADX this year.

Foodco, which imports and distributes food and consumer staples and provides logistics services, listed 280 million shares with a nominal value of Dh1 per share, giving the company a share capital Dh280 million. The listing brings the total number of securities on the exchange to 89.

The retail and wholesale portfolio of Foodco National Foodstuff Company encompasses a wide range of essential commodities and products, which are marketed through company’s brands. Basmati rice and Egyptian rice are sold under the Shahrazad, Mubarak and Al-Safwa brands, while a variety of pasta, oils and canned foods are produced under the Virginia and Al Safwa brands. Foodco also trades and distributes other products, such as meat, poultry, frozen and canned vegetables, evaporated milk, powdered milk, drinks, high-quality tissues, aluminum foil and cleaning products.

“We are pleased to welcome Foodco National Foodstuff PJSC to the Second Market, where private companies can start their equity capital market journey and investors can tap into promising early-stage opportunitie," said Saeed Hamad Al Dhaheri, Chief Executive of ADX.

As of September 2020, Foodco had a cash flow balance of Dh7.352 million. Foodco Holding is the majority shareholder of Foodco, controlling 98.75 per cent, or 276.5 million of its shares.

“Foodco National Foodstuff PJSC is proud to be joining the Abu Dhabi Stock Exchange, a milestone that caps over forty years of providing UAE and GCC residents with premium quality foodstuffs at competitive prices. The company’s logistics capabilities have also allowed us to participate in massive UAE government supply projects and Foodco has become the strategic partner of choice for governments and businesses throughout the region," said Ahmed bin Ali bin Khalfan Al Mutawa Al Dhaheri, Chairman of Foodco Holding Company .