By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) on Sunday will launch trades on Egypt-based Naeem Holding’s stock, the second dual-listing on the stock market this week following the listing of the Bahraini Ithmaar Holding.
Listing Naeem Holding on the DFM was part of the Securities and Commodities Authority’s (SCA) efforts to attract dual-nationality firms in order to boost and diversify investors’ base at the DFM, analysts told Mubasher.
Accordingly, the number of joint-stock companies listed on the DFM will rise to 132 firms, including 113 local firms and 18 foreign companies, according to Mubasher statistics.
Listing the Egypt-listed Naaem Holding on the DFM, one of the region's most active stock markets, will ensure the extension of investors’ base, as well as heavy liquidity required for further expansion, Economist Ali Al Hamoudi told Mubasher.
Additionally, this will reinforce the company’s competitive ability in Egypt and the Arab world, Al Hamoudi indicated.
For his part, CEO of Mindcraft Consulting Fady El Ghattis said that the thriving number of listings on the DFM, particularly dual-listings, will strengthen the market through adding new sectors.
The DFM is forecast to see more dual-listings in a bid to diversify the available options for investors, El Ghattis noted.
The SCA had previously approved the listing of Kuwait’s Zima Holding Company on the DFM this year as a foreign joint-stock company.
Founded in December 2005, the Cairo-based Naeem Holding is specialised in establishing companies, preparing feasibility studies, finance lease, and managing initial public offerings (IPOs).
It's worth mentioning that the Egyptian firm had achieved $1.24 million in profits for the fiscal year ended last December, against profits of $2.59 million in 2016, including minority shareholders’ rights.
Naeem Holding’s capital amounts to $218.5 million distributed on 312.2 million shares at a par value of $0.7 per share.
Translated by: Mai Ezz El-Din
