UAE’s Palms Sports lists shares on Abu Dhabi bourse

UAE-based Palms Sports has listed its shares on Abu Dhabi Securities Exchange’s (ADX) Second Market under the trading symbol PALMS.

Trading of the shares begins on December 21. The company’s nominal value of share capital stands at Dhs150m, with each share having a nominal value of Dhs1.

This marks the fifth listing on ADX in 2020. A virtual listing ceremony was conducted to commemorate the event, a statement said.

Palms Sports, a subsidiary of the International Holding Company (IHC), is a provider for sports training programmes in the UAE, and attains am advantage with regards to Jiu-Jitsu, mixed martial arts, and combat sports. Palm Sports has over 700 employees, with assets of Dhs344.5m as at the end of September 2020.

Saeed Hamad Al Dhaheri, chief executive of ADX, said: “We are delighted that the International Holding Company, one of the largest companies in the region, has listed one of its subsidiaries on our Second Market. This step confirms ADX’s position as a preferred destination that reflects the levels of global competitiveness it provides to the listed companies. Additionally, the exchange provides a highly advanced infrastructure for listing and trading in various securities while adhering to best international practices in the field of disclosure and transparency.”

“Our company was founded to fulfill the UAE vision to inspire and promote a healthy lifestyle through diverse, quality recreational opportunities, and this listing reinforces all the efforts that have been invested to reach the success we have achieved to date,” noted Fouad Fahmi Darwish, CEO of Palms Sports.

“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.”

There are now seven companies listed on the Second Market with the recent listing, with 88 securities listed on the exchange. ADX is the first exchange in the region to have a dedicated platform for the trading of shares of private joint stock companies. The market capitalisation of companies listed on the Second Market amounted to around Dhs11bn on December 17,2020.