Abu Dhabi Securities Exchange (ADX) today (October 25) announced the successful listing of the shares of Sawaeed Holding, a UAE-based diversified company. It is the fourth listing on ADX this year.
Founded in 2006 by professionals initially specialising in the provision of employment services, Sawaeed has grown into a multi-faceted organisation and has employed nearly 28,000 people.
Since its incorporation, it has also diversified into investments, a large-scale industrial training centre, manpower accommodation services, facilities management and catering. It became a Private Joint Stock Company in 2018.
The company’s nominal value of share capital is AED51.1 million, with each share having a nominal value of AED1.
Chairman Mohamed Ali Al Shorafa Al Hammadi said: "ADX is delighted to add a company of Sawaeed Holding’s calibre to its Second Market. The listing is wholly in line with the Exchange’s strategy of offering investors a broader range of opportunities across different and sectors."
"ADX remains committed to attracting more high-quality companies to list on its primary and second markets, and to play a pivotal role in accelerating Abu Dhabi’s economy," stated Al Hammadi.
"Sawaeed’s listing on ADX’s Second Market confirms the exchange's position as a preferred listing destination and is testament to the opportunities it offers to companies looking to raise capital and enable their shares to be traded more actively," he added.
On the ADX listing, Sawaeed Chairman Mubarak Matar Al Humairy, said this comes in line with its aspirations for sustainable growth, investments in diversified sectors, commitment to transparency and achieving long-term shareholder value.
"Sawaeed’s ambition is to contribute towards the progress and development of the Emirate of Abu Dhabi and to serve the communities in which it operates by deploying creative approaches and innovative solutions," stated Al Humairy.
With the listing of Sawaeed Holding, there are now six companies listed on the Second Market, and 83 securities listed on the Abu Dhabi Securities Exchange.
The ADX Second Market is a fundamental component of ADX’s infrastructure that enables private companies to list. Investors are able to buy and sell securities of private companies depending on fundamentals such as supply, demand, financial information and other disclosures.
It is the first exchange in the region to have a dedicated platform for the trading of shares of Private Joint Stock Companies.-TradeArabia News Service