By Ramy Sameeh
Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange (ADX) is likely to see initial public offering for several companies that await suitable time to go public, according to CEO Rashid Al-Baloushi.
Speaking to reporters on the sidelines of a business event in Abu Dhabi, the top executive added that these companies plan to list on ADX but need to see the correct timing to go public according to the decisions of their board of directors. However, he declined to give further details about those companies or their number.
“We are working currently on providing the favorable infrastructure for listing companies at any time,” Al-Baloushi clarified.
In February, Acting CEO of the Securities and Commodities Authority (SCA) said that more than 10 companies were cleared by the market regulator to launch their IPOs but they were awaiting the proper timing.
Following a period of stalled activity for several years, IPO activity resumed in Dubai in 2014.
In July, 2015, SCA’s chief executive said several UAE companies decided to shelve their IPO plans due to weakness in the equity market.
According to Mubasher data, several companies are studying the launch of IPOs on Abu Dhabi bourse, including Masaar Solutions, Gulf Capital and Tasweek for Real Estate Development and Marketing.
A report issued earlier by Baker & McKenzie estimated the value of new IPOs in the UAE by around $1.2 billion (AED 4.4 billion) by 2018.
Translated by Sayed Abdel Rahman
