ABU DHABI, 21st December 2020 (WAM) — Abu Dhabi Securities Exchange (ADX) announced that Palms Sports P.J.S.C has listed its shares on ADX’s Second Market under the trading symbol PALMS, and trading begins on the shares today. The company’s nominal value of share capital is AED 150 million, with each share having a nominal value of AED 1. This is the fifth listing on ADX in 2020.
Palms Sports, a subsidiary of the International Holding Company (IHC), is a UAE-based company that promotes sporting activities to UAE Nationals and the community in general. Palms Sports is the leading provider for sports training programs in the UAE and attains a competitive advantage with regards to Jiu-Jitsu, mixed martial arts, and combat sports. Palm Sports had assets of AED 344.5 million as of the end of September 2020 and over 700 employees.
On this occasion, Saeed Hamad Al Dhaheri, Chief Executive of ADX, said, “We are delighted that the International Holding Company, one of the largest companies in the region, has listed one of its subsidiaries on our Second Market. This is further validation of the stability of the exchange. This step confirms ADX’s position as a preferred destination that reflects the levels of global competitiveness it provides to the listed companies. Additionally, the exchange provides a highly advanced infrastructure for listing and trading in various securities while adhering to best international practices in the field of disclosure and transparency.”
Fouad Fahmi Darwish, CEO of Palms Sports, said, “Our company was founded to fulfill the UAE vision to inspire and promote a healthy lifestyle through diverse, quality recreational opportunities, and this listing reinforces all the efforts that have been invested to reach the success we have achieved to date. Since our inauguration in 2010, we have experienced rapid growth in becoming the world’s largest Jiu-Jitsu company. This move is in line with our aspirations for sustainable growth and achieving long-term stakeholder value while contributing towards the progress of the Emirate.”
With the listing of Palms Sports, there are now seven companies listed on the Second Market, and 88 securities listed on the Abu Dhabi Securities Exchange. The ADX Second Market is a key component of the exchange’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. ADX is the first exchange in the region to have a dedicated platform for the trading of shares of Private Joint Stock Companies.
Trading on the ADX Second Market commenced on 25 November 2014 to support sustainable economic growth across all sectors. The market capitalization of companies listed on the Second Market amounted to around AED 11 billion on 17 December 2020. From the beginning of the year through 17 December 2020, the Second Market has witnessed a trading turnover of almost 19 times with 1.2 billion shares traded.