Abu Dhabi Securities Exchange (ADX) announced that Foodco National Foodstuff (Foodco) 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 ($0.272) per share, giving the company a share capital of AED280 million ($76.2 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. Basmati rice and Egyptian rice are sold under the Shahrazad, Mubarak and Al-Safwa brands, while a variety of pasta, oils and canned foods are produced under the Virginia and Al Safwa brands.
Foodco also trades and distributes other products, such as meat, poultry, frozen and canned vegetables, evaporated milk, powdered milk, drinks, high-quality tissues, aluminium foil and cleaning products.
Through a modern and diversified fleet of vehicles, warehouses, cold and air-conditioned stores, Foodco also provides domestic and international customs clearance, transportation, distribution and warehouse management services through its subsidiary 5PL Logistics Solutions L.L.C.
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.
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. ADX is a vibrant and dynamic exchange that offers companies a conduit to debt and equity capital markets to fund their growth plans. ADX is committed to providing investors with attractive opportunities to invest in a wide range of companies that give exposure to the diverse and robust economy of the United Arab Emirates.”
Ahmed bin Ali bin Khalfan Al Mutawa Al Dhaheri, Chairman of Foodco Holding Company, added: “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. The company’s logistics capabilities have also allowed us to participate in massive UAE government supply projects and Foodco has become the strategic partner of choice for governments and businesses throughout the region due to its solid track record, expertise and reliability.
Listing of our company's shares on ADX is an important and crucial step in supporting the business’s long-term growth, especially after successfully diversifying its activities in logistics and investment since the parent company was established.”
ADX is the second-largest market in the Mena region, with 89 listed securities. In 2020, ADX had nine listings on the main and second market, including Sawaeed Holding, Zee Stores, Easy Lease and Palm Sports. – TradeArabia News Service