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ADX Announces Listing of Sawaeed Holding Shares on its Second Market
 

Fourth ADX listing in 2020 marks major milestone for Abu Dhabi success story and provides a template for other entrepreneurs 

 

Abu Dhabi, 25 October, 2020:   Abu Dhabi Securities Exchange (ADX) announces that Sawaeed Holding has listed its shares on the ADX Second Market, under the symbol SAWAEED, and trading begins on the shares today. The company’s nominal value of share capital is AED 51.1 million, with each share having a nominal value of AED 1. This is the fourth listing on ADX in 2020.

A virtual listing was conducted to commemorate the event and the video can be viewed by clicking on the following link https://youtu.be/-IsJ0DXdcTA

Founded in 2006 by professionals initially specializing in the provision of employment services, Sawaeed has grown into a multi-faceted organization and has employed nearly 28,000 people. Since its incorporation, it has also diversified into investments, a large-scale industrial training center, manpower accommodation services, facilities management and catering. It became a Private Joint Stock Company in 2018.

Commenting on the announcement, H.E. Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX, said: 'ADX is delighted to add a company of Sawaeed Holding’s caliber to its Second Market. The listing is wholly in line with the Exchange’s strategy of offering investors a broader range of opportunities across different and sectors. ADX remains committed to attracting more high-quality companies to list on its primary and second markets, and to play a pivotal role in accelerating Abu Dhabi’s economy.' 

H.E. Al Hammadi added: “Sawaeed’s listing on ADX’s Second Market confirms the exchange's position as a preferred listing destination and is testament to the opportunities it offers to companies looking to raise capital and enable their shares to be traded more actively. Thanks to the entrepreneurialism and commercial astuteness of its founders and managers, Sawaeed is undoubtedly a great success story for Abu Dhabi. Listing the company on the ADX Second Market is a major milestone in its journey and should serve as an incentive to other businesses to follow in its footsteps.”

ADX is committed to providing a world-class infrastructure for listing and trading of a diversified range of stocks and other instruments. By doing so, it offers investors the opportunity to grow their portfolios in a regulatory environment that adopts the best international practices in disclosure and transparency, within a stable economic environment. 

From his end, H.E. Mubarak Matar Al Humairy, Chairman of Sawaeed Holding stated: “The listing of Sawaeed Holding on ADX is in line with its aspirations for sustainable growth, investments in diversified sectors, commitment to transparency and achieving long-term shareholder value. Sawaeed’s ambition is to contribute towards the progress and development of the Emirate of Abu Dhabi and to serve the communities in which it operates by deploying creative approaches and innovative solutions.” 

With the listing of Sawaeed Holding, there are now six companies listed on the Second Market, and 83 securities listed on the Abu Dhabi Securities Exchange. 

The ADX Second Market is a fundamental component of ADX’s infrastructure that enables private companies to list. Investors are able to buy and sell securities of private companies depending on fundamentals such as supply, demand, financial information and other disclosures. ADX is the first exchange in the region to have a dedicated platform for the trading of shares of Private Joint Stock Companies.

Trading on the ADX Second Market commenced on 25 November 2014 to support sustainable economic growth across all sectors. The market capitalization of companies listed on the Second Market amounted to around AED 10.2 billion at the end of Q3 2020. From the beginning of the year and as of 30 September 2020, the Second Market has witnessed a trading turnover of almost 14 times, with 950 million shares traded.


Posted by : Dubai PR Network Editorial Team
Viewed 2239 times
PR Category : Banking & Investments
Posted on : Sunday, October 25, 2020  3:09:00 PM UAE local time (GMT+4)
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