Abu Dhabi Securities Exchange (ADX) announced that Zee Stores P.J.S.C, has listed its shares on ADX’s Second Market under the ticker symbol ZS, and trading begins on the shares today. The company’s nominal value of share capital is AED 100 million, with each share having a nominal value of AED 1. This is the third listing to take place onADX’s Second Market in 2020.
Zee Stores was founded in 2002 and currently operates as a retail subsidiary under the International Holding Company(IHC) Abu Dhabi. The company specialises in trading food and non-food products, including importing, re-packaging, wrapping, storing, and distributing dry, canned, chilled, frozen, processed and fresh food products; household items, stationery, disposables and cosmetics; and chemicals and other allied on- and off-shore oil and gas field services. Zee Stores has assets of AED 189 million as at the end of September 2020 and its annual turnover is around AED 300 million.
Commenting on the listing, Mr. Saeed Hamad Al Dhaheri, Chief Executive of Abu Dhabi Securities Exchange, said: “We are delighted to welcome Zee Stores to the growing list of companies being listed on the exchange. We always strive to encourage more companies to list their shares on the Second Market. Listing on the exchange provides the opportunity for companies to further expand their business. It also offers investors more opportunities to diversify their investments, which will enhance stability on the market and attract more institutional investments.”
FalalAmeen, CEO of Zee Stores, said: “Zee Stores has assembled a strong portfolio of over 10,000 quality goods, which has helped us become one of the top traders in the market with consistent growth. We have built a strong reputation that made us the partner of choice for many of the world’s leading brands. We believe that this listing is a strong step forward for our company and stakeholders to experience further growth and success.”
ADX listing of Zee Stores on the Second Market brings the number of companies listed on the Exchange to 72 companies and the number of listed securities to 89. The listing is in line with ADX’s strategic initiatives aiming towards diversifying investment products. More vehicles for investing means long-term growth,which will encourage more institutional investors to enter the exchange.
It is worthy to note that trading values (buy + sell) on ADXincreased by around 45% from AED 93 billion to AED 136 billion, from the beginning of year 2020 until Dec.
