ABU DHABI, Abu Dhabi Securities Exchange (ADX) has announced that Foodco National Foodstuff has listed its shares on the exchange’s Second Market under the trading symbol FNF. It is the first company to be listed on ADX this year.
Foodco, which imports and distributes food and consumer staples and provides logistics services, listed 280 million shares with a nominal value of AED1 per share, giving the company a share capital of AED280 million. The listing brings the total number of securities on the exchange to 89.
The retail and wholesale portfolio of Foodco National Foodstuff Company encompasses a wide range of essential commodities and products, which are marketed through company’s brands.
As of September 2020, Foodco had a cash flow balance of AED7.352 million. Foodco Holding is the majority shareholder of Foodco, controlling 98.75%, or 276.5 million of its shares.
Commenting on the listing, Saeed Hamad Al Dhaheri, Chief Executive of ADX, said, “We are pleased to welcome Foodco National Foodstuff PJSC to the Second Market, where private companies can start their equity capital market journey and investors can tap into promising early-stage opportunities.”
Ahmed bin Ali bin Khalfan Al Mutawa Al Dhaheri, Chairman of Foodco Holding Company, stated, “Foodco National Foodstuff PJSC is proud to be joining the Abu Dhabi Stock Exchange, a milestone that caps over forty years of providing UAE and GCC residents with premium quality foodstuffs at competitive prices.”
Source: Emirates News Agency