Manama: Bahrain’s GFH Financial Group is expected to cross-list its shares on the Abu Dhabi Securities Exchange (ADX) in May, subject to regulatory approvals, it said on Sunday.
This will be the group’s fourth regional listing, after Bahrain Bourse (BHB), Dubai Financial Market (DFM) and Boursa Kuwait (BK).
The move is expected to further enhance liquidity in GFH’s shares, benefiting shareholders, and enable the group to gain access to a broader base of retail and institutional investors that trade on the exchange. ADX is one of the most attractive and largest GCC exchanges in terms of liquidity, trading volumes and shareholder return. It also ranked first among GCC exchanges in 2021 for the highest year-on-year increase in trading volumetrics.
Hisham Alrayes, CEO of GFH, said: “We are set to become the first issuer to be listed on four main GCC stock exchanges and our aim is to continue to enhance the liquidity of our shares, our investor mix and to ensure the highest levels of disclosure and transparency for the benefit of shareholders.
“In line with our strategy, we also look forward to achieving a more entrenched presence in Abu Dhabi, tapping into growth both on ADX and in the local economy.”
Current shareholders will be able to transfer shares from existing markets where they hold shares to ADX.