In what is the fourth dual listing on the Abu Dhabi Securities Exchange (ADX), GFH Financial Group B.S.C. announced its secondary listing on the exchange on Tuesday.
The listing is set to further expand GFH’s investor base and enhance liquidity in its shares amid increased regional and international participation on the exchange.
This is GFH’s fourth regional listing with its shares already listed and actively traded on the Bahrain Bourse, Boursa Kuwait and the Dubai Financial Market.
“As part of our ADX One strategy to promote greater market liquidity, we have been actively encouraging listings on our dynamic capital market and forging deeper ties with regional markets, including the Bahrain Bourse,” said Saeed Hamad Al Dhaheri, ADX managing director.
“The pipeline for IPOs and listings on our main market and growth market remains strong for the remainder of the year, a testament to our strength and resilience amid global market volatility,” he added.
The listing comes as GFH undergoes continued expansion and growth having recently partnered with SQ Asset Management Company in the USA, completed the acquisition of logistic warehouses with assets of more than $2 billion and spun out infrastructure and real estate assets.
Currently, GFH has over $15bn of assets and funds under management including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America. This includes new investments of more than $2bn over the past 12 months alone.
“GFH is delighted to celebrate another landmark achievement for the Group with our listing on ADX. This is a strategic move supporting our expansion and enhancing our financial position and funding for the next phase of growth,” said Hisham Alrayes, GFH’s Group CEO.
“With our listing, we continue to broaden our shareholder base and increase our reach and visibility among key global and regional investors. Importantly, we also underscore the strong demand for GFH’s shares and the market and investor confidence that exists in the Group, our performance and prospects,” he continued.
The listing of GFH on ADX brings the number of dual listings on the exchange to four. Shares of Ooredoo, Sudan Telecom Group and Oman and Emirates Investment Holding Company also have secondary listings on the exchange.
During the first quarter of 2022, ADX recorded an 87 percent year-on-year increase in the value of total trades made in the first quarter of 2022. Traded values (buy + sell) on the exchange rose to AED202bn in Q1 2022 from AED108bn in Q1 2021.
Meanwhile, the market value of shares owned by foreign investors in Q1 2022 jumped 163 percent to AED131bn from AED50bn in Q1 2021.
GFH was advised on the cross-listing by First Abu Dhabi Bank as its listing advisor and Al Tamimi and Company as its legal advisor.