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The Abu Dhabi Securities Exchange (ADX) has announced the listing of Palms Sports on the Second Market.
It’s the first listing of a company on the exchange this year, ADX said.
The company now trades under the symbol PALMS, with a share capital of 150 million UAE dirhams ($40 million). Each of the company’s share has a nominal value of 1 dirham.
A subsidiary of UAE-based International Holding Company (IHC), Palms Sports promotes sporting activities to UAE nationals and the community in general.
It provides training programmes and has assets worth 344.5 million dirhams ($93.7 million) and more than 700 employees.
“This [listing] is further validation of the stability of the exchange. [It] confirms ADX’s position as a preferred destination that reflects the levels of global competitiveness it provides to the listed companies,” said Saeed Hamad Al Dhaheri, chief executive of ADX.
With the new addition, there are now seven companies listed on the ADX’s Second Market and 88 securities listed on the ADX itself.
The ADX Second Market is a key component of the exchange’s infrastructure that enables private companies to list. Investors are able to buy and sell securities of private firms depending on fundamentals such as supply, demand, financial information and other disclosures.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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