Fujairah Building Industries P.S.C. (FBICO), a leading manufacturer of concrete blocks, paving products, crushed aggregates, ceramic tiles and insulation materials (rock wool), today listed it’s stock with a capital of AED 80 million (US$21.8 million) on Abu Dhabi Securities Market (ADSM). FBICO is the 63rd company to be listed on ADSM and brings the total number of companies in the construction sector up to ten.
FBICO has listed its shares on ADSM with a nominal value of AED 1 per share and the company’s stock can be traded by UAE nationals only.
Mohammed Obaid Bin Majed Al Aleeli, Chairman of the Board of Directors of FBICO, said that all administrative and legal requirements had been finalised for the company’s stock to be traded on a daily basis, according to ADSM’s rules.
Speaking on the first day of trading, he said: “Today is an exciting day for Fujairah Building Industries. Our listing on ADSM represents a landmark in the life of our business and we look forward to working with the exchange to deliver value for our shareholders.”
Khaled Al Suwaidi, Manager of Listed Companies at ADSM welcomed them to the market, saying: “We would like to congratulate Fujairah Building Industries on their listing today and we look forward to working with them in the future.
“This is the 63rd company to list on our exchange since we were established in 2000 and we now have a combined market capitalisation of over AED 300 billion. This makes us one of the largest exchanges in the GCC.”
Founded in 1978, FBICO has grown into a leading manufacturer of concrete blocks, paving products and crushed aggregates in the region. In June 2006, FBICO added two major ceramic and rock wool manufacturers to their business – Emirates Ceramic Factory and Fujairah Rock Wool Factory.
Since the end of 2001 the number of listed companies traded on ADSM has grown fourfold; there are now nearly six times as many brokerage firms; the aggregate market capitalisation of companies traded on the exchange is 20 times higher; there are 50 times as many shareholders registered and ADSM is a model emiratisation employer with UAE nationals making up about 74% of staff.
