Al Seer Marine becomes IHC’s 6th subsidiary to list on ADX

Al Seer Marine, an Abu Dhabi-based subsidiary of International Holding Company (IHC), listed today on the Abu Dhabi Securities Exchange (ADX) Second Market.

Founded in 2002, Al Seer Marine offers marine services in the region, with total assets of Dhs3.98bn as at the end of June 2021, Dhs1bn in paid-in capital and over 1,200 employees.

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, a statement said.

Today we announced another milestone in one of our IHC subsidiaries.

Al Seer Marine becomes IHC’s 6th subsidiary to list in less than eight months on Abu Dhabi Securities Exchange under the ticker ASM. #ihcuae #alseermarine #internationalholdingcompany #investment #abudhabi pic.twitter.com/UzM12zOBdG

— International Holding Company (@ihc_ae) August 29, 2021

Al Seer Marine is the sixth IHC group company to list on the ADX, following the 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. The value of shares traded in the first half of 2021 was 359 per cent higher year on year.

Read: Subsidiary of Abu Dhabi’s International Holding Company to list on ADX

Read more: Emirates Stallion Group lists on ADX Second Market in the UAE

Meanwhile, the Abu Dhabi Securities Exchange General Index (ADI) recently reached 7,700 points for the first time, supported by a series of listings and increased participation by international investors. In addition, the index has gained 51 per cent year to date.

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. Al Seer has identified the continued demand for cleaner fuel-burning sources in emerging markets and the need for greater infrastructure as an area of tremendous long-term growth and is rapidly expanding this area of our business. 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.”

“We are pleased to welcome Al Seer Marine to our roster of growth companies listed on the ADX. There is no doubt this listing will bring additional diversification,” noted Mohammed Ali Al Shorafa Al Hammadi, chairman of ADX. “This year, the ADX has seen a significant increase in liquidity, with the combined market capitalisation on the main board and the Second Market passing through the Dhs 1 trillion level.”