Foodco National Foodstuff, which imports and distributes food and consumer staples and provides logistics services, listed 280 million shares with a nominal value of AED1 per share, giving the company a share capital of AED280 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.
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.
Commenting on the listing, 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."
Ahmed bin Ali bin Khalfan Al Mutawa Al Dhaheri, Chairman of Foodco Holding Company, stated:
"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."
© Copyright Emirates News Agency (WAM) 2021.