RIYADH: UAE-based developer FAM Holding plans to join the listing spree of family-owned businesses on Abu Dhabi Securities Exchange’s second market.
The company has been converted into a joint-stock company with $13.6 million capital as it anticipates receiving approval for listing soon, according to a statement.
“Listing in the ADX Second Market is the beginning of a new period of growth and development for FAM Holding,” said the company’s chairman, Faisal Ali Mousa.
The move comes in a bid to “maximize income and sales” as well as create value for shareholders, he added.
Founded in 2009, the property developer owns an investment portfolio worth $545 million in the UAE, with plans for future expansion across the Middle East and North Africa, and Europe.
Proceeds from the potential offering will be used to aid expansion in response to rising demand from real estate investors.
The development comes amid plans to list 13 companies this year, nine of which will be government and family-owned businesses, according to ADX chairman, Mohammed Al Hammadi.
