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Abu Dhabi giant IHC announces listing of sixth subsidiary

Abu Dhabi giant IHC announces listing of sixth subsidiary

Al Seer Marine, an Abu Dhabi-based company fully owned by International Holding Company (IHC), has listed on the Abu Dhabi Securities Exchange (ADX) Second Market. Founded in 2002, Al Seer Marine has total assets of AED3.98 billion as at the end of June, AED1 billion in paid-in capital and over 1,200 employees. IHC becomes UAE’s

Al Seer Marine, an Abu Dhabi-based company fully owned by International Holding Company (IHC), has listed on the Abu Dhabi Securities Exchange (ADX) Second Market.

Founded in 2002, Al Seer Marine has total assets of AED3.98 billion as at the end of June, AED1 billion in paid-in capital and over 1,200 employees.

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The company provides vessels construction services, operation, refurbishment, and yacht management to private customers, as well as fulfilling public sector vessels contracts.

It currently has 60 vessels catering to private customers and 250 vessels serving government customers.

Al Seer Marine is the sixth IHC Group company to list on the ADX, following the successful listings of Palm Sports, Easylease, Zee Stores, Emirates Stallion Group on the Second Market and AlphaDhabi on the Primary Market in less then eight months.

Riyadh Al-Kindi, chairman of Al Seer Marine said: “Listing on the ADX Second Market marks a considerable milestone for the company and supports our new strategic direction… Listing on the Second Market will allow us to enhance our brand, deepen our transparency and corporate governance and bring on board new investors to be part of our exciting journey.”

Mohammed Ali Al Shorafa Al Hammadi (pictured above), chairman of ADX, added: “There is no doubt this listing will bring additional diversification. This year, the ADX has seen a significant increase in liquidity, with the combined market capitalization on the main board and the Second Market passing through the AED1 trillion level. Our dynamic market is well placed to attract further listings, and to further broaden its range of products and services.”

The value of shares traded in the first half of 2021 was 359 percent higher year on year as the Abu Dhabi Securities Exchange General Index (ADI) recently reached 7,700 points for the first time. In addition, the index has gained 51 percent year to date, making it one of the best performing equity indexes in the world.

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