ADSB listed on Abu Dhabi stock market

Abu Dhabi Ship Building (ADSB) was officially listed on the Abu Dhabi Securaities Market (ADSM) yesterday, making it the 25th public company to be listed on ADSM.

"We are pleased to offer a securities market where all have an equal opportunity to participate and invest their funds locally," said Nizar Al Obaidly, Acting Director-General of ADSM, adding "what better way for national individuals and companies to invest in their future and the future of the UAE".

Now that ADSB has been listed, only trades made through the stock market are legally binding.

Abdullah Nasser bin Huwaileel Al Mansouri, company chairman, said ADSB has already established its value to its existing shareholders through excellent performance.

"By investment in this prosperous local company, all UAE nationals have an equal opportunity to come to the market and participate in the future growth and prosperity of the UAE".

ADSB was first set up through the UAE Offsets Group (UOG) along with an international company as the technology provider. In 1996, 17,520,000 shares were issued at Dh10 per share to over 22,000 nationals, the government of Abu Dhabi and one international partner.

Since then, favourable share prices have fostered consolidation of share ownership in the market resulting in some 10,000 UAE nationals owning about 50 per cent of ADSB.

More importantly, the government of Abu Dhabi has increased its share of the company to 50 per cent by subscribing to all the outstanding shares from the original founding foreign partner.

Al Mansouri said that in the last seven years, ADSB has evolved into a premier world-class shipbuilding and repair company.

In June, 2002, a $50 million expansion facility was commissioned.

Currently, ADSB has contracts for construction of some 20 vessels that include large naval landing craft, high-speed troop carriers and a sophisticated commercial dredger.

"Next on the horizon is expansion into construction of vessels using advanced composite materials. Land has already been set aside and designs are complete for the further expansion of facilities to provide for the construction of composite vessels for military and para-military customers," said Al Mansouri.