Abu Dhabi-listed International Holding Company (IHC) announced on Thursday that it will list three subsidiaries on the exchange’s Second Market later this month.
IHC, which has a total of nine verticals including in real estate, healthcare, food and agriculture, said the move will give current and new investors an opportunity to participate in the growth of the subsidiaries.
ADX Second Market is part of the existing infrastructure of ADX to list private companies.
Palms Sports will start trading on December 21 with a share capital of AED150 million, with each share having a nominal value of AED1.
Since its founding in 2010, Palms Sports has grown rapidly into a provider of sports education programs in the UAE. The company had assets of AED344.5 million as at the end of September and over 700 employees.
Syed Basar Shueb, CEO and managing director of International Holding Company (IHC)
The second of the companies to list is Zee Stores, which will debut on December 23. The company, which trades and imports fresh consumables as well as canned, preserved and frozen foods, has a share capital of AED100 million, with each share having a nominal value of AED1. Founded in 2002, Zee Stores has assets of AED189 million as at the end of September.
Easy Lease, a supplier of rental motorcycles to the fast-growing delivery and courier sector, will list after December 27. The company has a share capital ofAED 30 million, with each share having a nominal value of AED1. Established in 2011, it had assets of AED74.1 million as at the end of September.
Syed Basar Shueb, CEO and managing director of IHC, said: “IHC has developed into a diversified holding company with global interests. However, many of our fastest growing companies are homegrown in the UAE and are benefitting from shifting consumer and investment trends in the country.
“Palms Sports, Zee Stores and Easy Lease are well established firms with a consistent track record of business expansion in recent years… By listing on the ADX Second Market, these ambitious companies are offering investors an exceptional opportunity to participate directly in the early to mid-stage growth phase of their corporate development.”
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