AFNIC lists its shares on ADSM
Al Fujairah National Insurance Company (AFNIC), a Fujairah based company, on Wednesday listed its share capital of AED 75 million on Abu Dhabi Securities Market (ADSM).
AFNIC is the 64th company to be listed in ADSM and the 13th company in the insurance sector.
AFNIC nominal value is AED 100, and the shares can be traded by UAE nationals only.
Rashed Al Baloushi, Acting Director General of ADSM, welcomed AFNIC to the market: 'We congratulate AFNIC on their successful listing on our market today and look forward to working with them as they develop and grow.' He added: 'AFNIC is the No. 64 company to be listed in ADSM since its establishment in 2000, where ADSM's market value is now exceeding (AED 333) billion which makes our market as one of the largest financial markets in the region.' Ali Rashid Al Ghasiyah, Vice Chairman of AFNIC, said that all administrative and legal requirements had been finalised for the company's stock to be traded on a daily basis, according to the rules of Securities & Commodities Authority and ADSM.
Speaking on the first day of trading, he said: 'Today's listing is a landmark moment for AFNIC, looking forward to strengthening cooperation with ADSM through our continuous commitment of providing a high value to all shareholders.' The company was established and operated in 1976 by an Amiri Decree issued by the Government of Fujairah to practice all insurance services through its branches spread from Abu Dhabi reaching the east coast of the UAE.
Note that the shareholders' equity according to the financial report for the first quarter of 2007 amounted (AED 134,598,667) compared to (AED 141,787,518) for the same period of 2006, where the company's net profits amounted (AED 6,304,739) by the end of the first quarter of 2007. Source
AFNIC is the 64th company to be listed in ADSM and the 13th company in the insurance sector.
AFNIC nominal value is AED 100, and the shares can be traded by UAE nationals only.
Rashed Al Baloushi, Acting Director General of ADSM, welcomed AFNIC to the market: 'We congratulate AFNIC on their successful listing on our market today and look forward to working with them as they develop and grow.' He added: 'AFNIC is the No. 64 company to be listed in ADSM since its establishment in 2000, where ADSM's market value is now exceeding (AED 333) billion which makes our market as one of the largest financial markets in the region.' Ali Rashid Al Ghasiyah, Vice Chairman of AFNIC, said that all administrative and legal requirements had been finalised for the company's stock to be traded on a daily basis, according to the rules of Securities & Commodities Authority and ADSM.
Speaking on the first day of trading, he said: 'Today's listing is a landmark moment for AFNIC, looking forward to strengthening cooperation with ADSM through our continuous commitment of providing a high value to all shareholders.' The company was established and operated in 1976 by an Amiri Decree issued by the Government of Fujairah to practice all insurance services through its branches spread from Abu Dhabi reaching the east coast of the UAE.
Note that the shareholders' equity according to the financial report for the first quarter of 2007 amounted (AED 134,598,667) compared to (AED 141,787,518) for the same period of 2006, where the company's net profits amounted (AED 6,304,739) by the end of the first quarter of 2007. Source
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