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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 AED 1 per share, giving the company a share capital of AED 280 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.
Through a modern and diversified fleet of vehicles, warehouses, cold and air-conditioned stores, Foodco also provides domestic and international customs clearance, transportation, distribution and warehouse management services through its subsidiary 5PL Logistics Solutions L.L.C.
As of September 2020, Foodco had a cash flow balance of AED 7.352 million. Foodco Holding is the majority shareholder of Foodco, controlling 98.75%, or 276.5 million of its shares.
Commenting on the listing, Mr. Saeed Hamad Al Dhaheri, Chief Executive of ADX, said: “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 opportunities. ADX is a vibrant and dynamic exchange that offers companies a conduit to debt and equity capital markets to fund their growth plans. ADX is committed to providing investors with attractive opportunities to invest in a wide range of companies that give exposure to the diverse and robust economy of the United Arab Emirates.”
Mr. Ahmed bin Ali bin Khalfan Al Mutawa Al Dhaheri, Chairman of Foodco Holding Company, added: “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 due to its solid track record, expertise and reliability.
Listing of our company's shares on ADX is an important and crucial step in supporting the business’s long-term growth, especially after successfully diversifying its activities in logistics and investment since the parent company was established.”
ADX is the second-largest market in the MENA region, with 89 listed securities. In 2020, ADX had nine listings on the main and second market, including Sawaeed Holding, Zee Stores, Easy Lease and Palm Sports.
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For more information related to the ADX, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication & Digital Marketing
Marketing & Corporate Communication Department
Tel: +971 (2) 612 8774
Email: ALKhateebA@adx.ae
Brunswick Group
Mahmoud Kassem
Associate
Email: mkassem@brunswickgroup.com
For more information related to Foodco Holding, please contact:
Tayseer Mikashfi
Investor Relations Officer
E-mail: tayseer@foodcouae.com
About Abu Dhabi Securities Exchange
Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions. On 17th March 2020, ADX was converted from a “Public Entity” to a “Public Joint Stock Company PJSC” pursuant to Law No. (8) of 2020. ADX is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.
ADX is a market for trading securities; including shares issued by public joint-stock companies, bonds issued by governments or corporations, exchange-traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA). ADX is the second-largest market in the Arab region, and its strategy of providing stable financial performance with diversified sources of incomes is aligned with the guiding principles of the UAE “Towards the next 50” agenda. The national plan charts out the UAE’s strategic development scheme which aims to build a sustainable, diversified and high-value-added economy that positively contributes to transition to a new global sustainable development paradigm.
Foodco National Foodstuff PJSC
Foodco National Foodstuff Company (PJSC) was established in 2006 (formerly Sense Gourmet Food Company). It is a subsidiary of Foodco Holding PJSC.
The company was established to undertake the exclusive business of storing and distributing food products for the company. As of 2019, as part of the group restructuring plans, the group has been restructured by combining integrated activities, Abu Dhabi National Foodstuff Company LLC and 5 PL Logistics Solutions Company L.L.C with Foodco National Foodstuff Company (PJSC). (Formerly Sense Gourmet Foodc Company), with the aim of increasing the efficiency and effectiveness of these activities. The company's head office is located in Port Zayed, Abu Dhabi.
In addition to food products distribution and logistical activities, the company adopts future plans to expand the provision of local and international logistics services, retail operations and e-commerce.
© Press Release 2021
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