Abu Dhabi - Mubasher: The Abu Dhabi Securities Exchange (ADX) has announced the listing of Palms Sports, a subsidiary of International Holdings Company (IHC), on its Second Market under the trading symbol PALMS.

The trading on the shares of Palms Sports begins on Monday, according to a press release.

The company’s nominal value of share capital amounts to AED 150 million, with each share having a nominal value of AED 1. 

The listing of Palms Sports is the fifth on ADX in 2020, raising the total number of companies on the Second Market to seven and the number of securities on ADX to 88.

The ADX Second Market enables investors to buy and sell securities of private companies, based on fundamentals such as supply, demand, financial information, and other disclosures.

The CEO of ADX, Saeed Hamad Al Dhaheri, said: "This step confirms ADX’s position as a preferred destination that reflects the levels of global competitiveness it provides to the listed companies."

The CEO of Palms Sports, Fouad Fahmi Darwish, commented: "Since our inauguration in 2010, we have experienced rapid growth in becoming the world’s largest Jiu-Jitsu company. This move is in line with our aspirations for sustainable growth and achieving long-term stakeholder value while contributing towards the progress of the Emirate."