NIH lists on DFM
Dubai, October 27, 2008
National International Holding Company (NIH) on Monday became the 64th public joint stock company and 16th Kuwaiti firm to list on the Dubai Financial Market.
The company's shares began trading under the trading symbol 'NIH' within the Investment and Financial sector which will appear on DFM screens, trading systems and publications.
The listing of NIH brings the total number of securities listed on the DFM to 72, including 64 public shareholding companies.
Essa Kazim, chairman of Dubai Financial Market; Ali Al Baghli, chairman of National International Holding Company; and representatives from DFM, NIH and Global Investment House, which acted as listing advisor, attended the listing ceremony along with senior members of DFM and NIH Company.
Kazim welcomed the new listing as a vital addition to the suite of equity offerings available on the market.
The listing further highlights the leading position of Dubai Financial Market as the preferred destination for outstanding local and regional companies seeking to list their shares.
Kazim said: 'Dubai Financial Market is constantly looking to expand and diversify the opportunities available to investors by encouraging and partnering with companies from around the region active in different sectors to benefit from trading on the UAE's leading stock exchange.
'Companies from across the region also look upon DFM as an attractive exchange with a proven track record of professionalism and state-of-the-art facilities. Due to the relatively high level of liquidity in the local market, companies are very eager to capitalise on their growth through a trading and fundraising window in the UAE.
He added: 'We are delighted to welcome the National International Holding Company to the DFM, which lists many Kuwaiti companies in line with its strategy of strengthening the exchange's position through diversification and expansion of options for investors.'
Highlighting the significance of a listing on the DFM, Al Baghli said: 'The move to list on the DFM complements NIH'’s strategy of expanding locally and regionally, making it easier for investors to trade the company's shares in both Kuwait and the UAE, benefiting from the overall growth achieved by the company. This listing further extends the company's growth strategy, driven by the delivery of outstanding financial returns to shareholders and investors.'
Al Bahgli added: 'This listing on the Dubai Financial Market comes after the success of the company's shares on the Kuwait Stock Exchange over the past year and is in line with the company’s overall expansion in the Gulf.
'I would also stress that the choice of financial markets in the UAE and Dubai in particular, are based on the fact that DFM is currently the second largest market in the region in terms of market value.'
NIH was founded in 1979 and has many income-generating projects within and outside Kuwait. The company is looking to invest a high level of resources in the Kuwaiti market and the GCC and also expand in the European and American markets across a variety of verticals, including real estate, industrial, and technology. - TradeArabia News Service