Dubai Financial Market (DFM) announced today the listing of Kuwait’s Al Salam Holding Group. The company shares commenced trading on Sunday, September 29th 2013, under the trading symbol “Alsalamkw”, which appears on DFM screens, trading systems and publications within the Investment and Financial Services sector.
The new listing of Al Salam Holding Group lifts the total number of equity listings to 55 public joint stock companies and further increases the number of Kuwaiti companies listed on DFM to 8 companies.
Essa Kazim, Managing Director & CEO, Dubai Financial Market; Mishari Al-Majed – Chairman, Al-Salam Group Holding, Mamdouh El-Sherbiny – CEO and Dr Ali Al-Shamali, Advisor of the group, and senior representatives from both sides have attended the listing ceremony.
This listing further fortifies the prominent position of Dubai Financial Market as the favored listing venue for leading local and regional companies.
Commenting on this development, Essa Kazim said: “We are delighted to welcome Al Salam Holding Group to DFM, which offers lucrative opportunities for our investors and further strengthens the Investment and Financial Services sector. Today’s listing reinforces DFM’s position as the market of choice for Kuwaiti companies seeking a dual listing, reflects the high level of confidence businesses have in our exchange and the role DFM plays to support the growth story of successful companies.”
“Dubai Financial Market is constantly looking to expand and diversify the range opportunities offered to investors by encouraging and partnering with companies from around the region, active in various sectors to benefit from trading on the region’s leading stock exchange. Undoubtedly, regional companies look upon DFM as an attractive exchange with a proven track record of professionalism and state-of-the-art regulatory and operational infrastructure. These companies are keen to capitalize on their growth through a trading and fundraising channel by listing on DFM.” Kazim added.
From his side, Mishari Al-Majed has praised the significant role played by Dubai Financial Market in the region and said: "The listing of Al-Salam Group Holding on Dubai Financial Market carries significant gains for both shareholders and the company together; as it maximizes shareholder value –who we are working hard to achieve high returns on their investments–, and opening new investment insights for the company, as well as for new group of shareholders who wish to invest in a company with an integrated and diversified investment portfolio.
He also stated that "Al-Salam Group Holding owns several features that distinguish it from other companies, including:
- The Company owns a range of operating assets generating rewarding profits on a yearly basis.
- The Company owns through it’s subsidiaries a group of outstanding real estate assets in several countries in the GCC, in which its’ market value exceeds the book value.
- The Company owns a variety of assets distributed geographically and among different sectors, in which some achieves capital gains and others are income-generating.
- Free of leverage Company, as there are no debts or obligations on the Company for third parties.
- Distinguished combination of shareholders and which vary between funds, investment companies, government agencies and businessmen.
- The Company has a professional team that manages it, to achieve a balance between risk and return.
- No legal cases or disputes for/against the company.
Al-Salam Group Holding was founded in Kuwait in 1997, and was listed on Kuwait Stock Exchange in 2005. The authorized and paid up capital of the Company is KD 25,680,000 distributed among 256,800,000 shares with a par value of 100 fils per share. Al-Salam Group Holding mainly provides its services related to investment operations in accordance with Islamic Sharia’a law. The Company also aims to be the first leading company in providing various services compliant with Islamic Sharia’a laws and standards in the State of Kuwait and the Arabian Gulf region.