Abu Dhabi Ruler Sheikh Khalifa issues law turning ADX to a public joint shares company

Wed, 2020-03-25 09:04

DUBAI: Abu Dhabi Ruler Sheikh Khalifa bin Zayed Al-Nahyan has issued a law transforming the Abu Dhabi Securities Market (ADX) into a public joint shares company.

ADX would be fully owned by the newly rebranded ADQ, one of the region’s largest holding companies, formerly the Abu Dhabi Developmental Holding Company.

Among the more than 25 companies in ADQ’s portfolio include General Holding Corporation, also known as Senaat, Image Nation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Abu Dhabi Health Services (Seha) insurer Daman and Abu Dhabi National Exhibitions Company.

 

 

The newly regulated company will have capital funds of 500 million dirhams, divided into 500 million shares, with a name value of one dirham for each share, state news agency WAM reported.

It will also have 100 million dirhams as export capital, divided into 100 million shares, with a name value of one dirham for each share, with all shares of the newly regulated company fully owned by ADQ, it added.

The newly regulated company will be responsible for managing and organizing the securities market, and enlisting and dealing in securities, depositing, settlements and central clearinghouse works.

ADX will also take charge of providing, preparing and managing securities dealings platforms, as well as providing the required services to issuers and brokers, in addition to the financial services and products related to the operational and commercial activities of the market, among others.

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Source: AN
Abu Dhabi Ruler Sheikh Khalifa issues law turning ADX to a public joint shares company