ABU DHABI- Abu Dhabi Securities Exchange, ADX, has announced that Wahat al Zaweya Holding has listed its shares on the second market, under the symbol "WAZ".

The company's share capital is AED2.3 billion, with 2.3 billion shares at par value of AED1.00 per share. Commenting on the announcement, Khalifa bin Salem Al Mansouri, Vice Chairman of ADX, said, "ADX is keen to attract more companies for listing on the primary and the second markets, in support of the Abu Dhabi Plan's commitment to developing the investment climate of the emirate and creating a flexible and competitive environment for business."

He added that ADX has a world-class infrastructure for listing and trading of diversified stocks, it provides investors with the opportunity to invest their savings in a legal environment that adopts the best international practices in disclosure and transparency, within a stable economic and regulatory environment. In turn, Rashed Al Blooshi, Chief Executive of ADX, said, "Listing the shares of Wahat al Zaweya Holding Company on ADX’s second market confirms the market's position as a preferred listing destination and reflects the high levels of international competitiveness it offers to the listed companies." Al Blooshi added that the stable trading environment, in conjunction with the innovative services and products offered by ADX which attracted new institutional investments to the market whereas net institutional investment in the market during first half of 2018 reached AED950 million comparing to nearly AED908 million during the same period of the year 2017.

Furthermore, the number of institutional investors registered on the exchange by the end of first half of the year 2018 reached to 7,920 of which 5,913 are foreign institutions thus representing 75 percent of the investment institutions registered on it. The number of foreign institutional investors who entered the ADX during the first half of 2018 reached 230 institutions comparing with 209 foreign institutions during the same period in 2017, representing an increase of nearly 10 percent.

"Listing the company's shares on ADX is coming in-line with the its strategy in achieving continuous growth, and to diversify its investments headed by real estate development projects, as well as its keenness to expand its business and sustainability. This listing also reflects the company’s commitment to transparency which forms one of its most important values," Anas Atatreh, Vice Chairman of the Wahat Al Zaweya, said.

© Copyright Emirates News Agency (WAM) 2018.