Emirates Stallions Group, the construction and real estate company owned by Abu Dhabi’s International Holding Company (IHC), listed on the Abu Dhabi Securities Exchange Second Market on Monday.
It made its trading debut under the ticker ESG, IHC said in a disclosure on ADX.
Emirates Stallions Group, which is present in 12 markets, had assets of 537 million dirhams ($146 million) as of the end of Q1 2021 and over 1000 employees.
Matar Suhail Al Yabhouni Al Dhaheri, the chairman of Emirates Stallions Group said: “Listing Emirates Stallions Group on the ADX Second Market allows wider investor participation in an important business within the IHC Group. Backed by the financial strength of IHC, the second largest company by market capitalisation on the ADX, our portfolio companies have proven resilient over the last year and are well positioned to grasp new opportunities as the UAE and regional economies make a strong rebound from the global pandemic.”
Emirates Stallions is the fourth IHC Group company to list on the ADX Second Market, following the successful listings of Palm Sports, Easylease and Zee Stores in late 2020.
IHC said on early this month it planned to list three subsidiaries, including ESG and Al Seer Marine Supplies & Equipment Co. in the second quarter of this year. It has not yet named the third company.
IHC, which has been on a major acquisition spree over the past 12 months, has a portfolio spanning across nine industry verticals, including food, industries, capital and real estate.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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© ZAWYA 2021