Dubai Financial Market (DFM) on Thursday announced the listing of Marka (PJSC) as trading commenced on the company's shares under the trading symbol "Marka", which appeared on DFM screens, trading system and publications within the 'Consumer Staples Sector'.
DFM, in a statement, said the successful listing of Marka further fortifies the financial market's prominent position as the most favoured listing venue for leading local and regional companies and lifts the total number of listed companies to fifty five.
Marka became the first IPO issuer to list on DFM since 2009 as well as the first issuer to utilise DFM "eIPO" platform, a sophisticated and efficient solution for IPO subscription directly linked with the receiving banks.
Essa Kazim, Chairman, Dubai Financial Market, Jamal Al Hai, Chairman, Marka (PJSC), and senior representatives from both sides attended the listing ceremony at DFM's trading floor.
Commenting on this development, Essa Kazim, said the listing of Marka on DFM heralds a new era of thriving IPO activity and represents an initial success for DFM's constant efforts to encourage private and family businesses to go public and list on the exchange.
"This listing is an invaluable addition to the market as it enables investors to benefit from the growth of the Trade sector, which is one of the key sectors that drives Dubai's economy, with approximately 30% of the Emirate's GDP. Having companies representing the trade sector on board will further boost DFM's efforts to achieve one of its strategic objectives, which is to fully reflect the most important sectors of the economy by attracting companies from major and fast growing sectors including retail, tourism, heath and education. We also provide support for these companies to achieve their growth strategy by benefiting from the capital markets. Since DFM was established, it has been efficiently playing this role for companies representing various sectors including real estate, banking, transportation and telecommunication." Jamal Al Hai, Chairman of Marka's Board of Directors, commented, "Today is an historic milestone for Marka, and on behalf of Marka and the Board of Directors, I would like to extend our sincere thanks to Essa Kazim and the Dubai Financial Market for the on-going support exercised throughout Marka's IPO and listing process. We would also like to thank the Securities and Commodities Authority for their cooperation and support in all phases of the founding of the company and the inclusion of its shares for trading."