Al Seer Marine becomes IHC’s 6th subsidiary to list in less than 8 months on ADX

Al Seer Marine is a leader in marine services in the region

  
Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange

REUTERS/Stringer .

ABU DHABI:  Al Seer Marine, an Abu Dhabi-based company fully owned by International Holding Company (IHC), listed today under the ticker ASM on the Abu Dhabi Securities Exchange (ADX) Second Market.

Founded in 2002, Al Seer Marine is a leader in marine services in the region, with total assets of AED3.98 billion as at the end of June 2021, 1 billion in paid-in capital and over 1,200 employees.

The company provides vessels construction services, operation, refurbishment, and yacht management to private customers, as well as fulfilling public sector vessels contracts. It currently has 60 vessels catering to private customers and 250 vessels serving government customers.

Riyadh Al-Kindi, Chairman of Al Seer Marine, said: "Listing on the ADX Second Market marks a considerable milestone for the company and supports our new strategic direction. Al Seer has identified the continued demand for cleaner fuel-burning sources in emerging markets and the need for greater infrastructure as an area of tremendous long-term growth and is rapidly expanding this area of our business. Listing on the Second Market will allow us to enhance our brand, deepen our transparency and corporate governance and bring on board new investors to be part of our exciting journey." Mohammed Ali Al Shorafa, Chairman of ADX, said: "We are pleased to welcome Al Seer Marine to our roster of growth companies listed on the ADX. There is no doubt this listing will bring additional diversification. This year, the ADX has seen a significant increase in liquidity, with the combined market capitalization on the main board and the Second Market passing through the AED1 trillion level. Our dynamic market is well placed to attract further listings, and to further broaden its range of products and services." Al Seer Marine is the sixth IHC Group company to list on the ADX, following the successful listings of Palm Sports, Easylease, Zee Stores, Emirates Stallion Group on the Second Market and AlphaDhabi on the Primary Market In less then 8 months.

The value of shares traded in the first half of 2021 was 359 percent higher year on year. Meanwhile, the Abu Dhabi Securities Exchange General Index (ADI) recently reached 7700 points for the first time, supported by a series of listings and increased participation by international investors. In addition, the index has gained 51% year to date, making it one of the best performing equity indexes in the world.

© Copyright Emirates News Agency (WAM) 2021.


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