Companies news
GFH set to cross-list shares on Abu Dhabi Securities
GFH Financial Group (GFH) expects to cross-list its shares on the Abu Dhabi Securities Exchange (ADX) next month, it has emerged.
The Sharia-compliant investment firm announced that the plan is subject to the final regulatory approvals and will be the Bahrain-based group’s fourth regional listing, with GFH shares already actively traded on the Bahrain Bourse (BHB), Dubai Financial Market (DFM) and Boursa Kuwait (BK).
The move is expected to further enhance liquidity in GFH’s shares, benefiting shareholders, and enable the group to gain access to a broader base of retail and institutional investors that trade on the exchange.
ADX is one of the largest GCC exchanges in terms of liquidity, trading volumes and shareholder return. It also ranked first among GCC exchanges in 2021 for the highest year-on-year increase in trading metrics.
Hisham Alrayes, chief executive of GFH, said: “We are delighted to announce another significant milestone for the group by listing GFH shares on ADX, which is considered one of the most vibrant and fast growing markets in the GCC. We are set to become the first issuer to be listed on four main GCC stock exchanges and our aim is to continue to enhance the liquidity of our shares, our investor mix and to ensure the highest levels of disclosure and transparency for the benefit of shareholders.”
He added: “In line with our strategy, we also look forward to achieving a more entrenched presence in Abu Dhabi, tapping into growth both on ADX and in the local economy. With this listing, we will be better positioned to serve our existing shareholders in UAE and Abu Dhabi and to attract new ones from among ADX’s sizable retail and institutional investor base.”
Current shareholders of the group will also be able to transfer shares from existing markets where they hold shares to ADX.
Shareholders wanting to transfer shares have been advised to contact iservice@gfh.com by May 16.
Source: https://www.gdnonline.com/Details/1060540
