Green Crescent in $68m ADX listing
Abu Dhabi, March 25, 2009
Abu Dhabi Securities Exchange (ADX) will list Green Crescent Insurance Company, an Abu Dhabi-based health insurance company, on its exchange on Thursday making it the 66th company to be listed on ADX.
This listing takes the total number of companies in the insurance sector up to 15. Green Crescent's share capital is Dh250 million ($68 million), issued at a nominal value of Dh1. The Initial Public Offering (IPO) was oversubscribed by 70 times, said a company statement.
Abu Dhabi-based CAPM Investment was the lead manager and financial adviser for the IPO. Up to 25 per cent of the shares can now be owned by non-GCC nationals.
Tom Healy, CEO of ADX, welcomed Green Crescent to the market and said that the success of their IPO was a positive sign for Abu Dhabi's capital markets.
'We are delighted to welcome Green Crescent to ADX. There has been a lot of interest in their successful IPO, especially from local investors. This is a positive sign, particularly in the current market conditions,' he added.
'This is a milestone event in the company's history and an exciting time for the health insurance industry as this sector is currently experiencing dramatic growth,' said Carl J. Sardegna, CEO of Green Crescent.-TradeArabia News Service