Emirati payment services provider MBME Group began to trade on April 17 on the Abu Dhabi Securities Exchange (ADX), becoming the United Arab Emirates’ first family-owned fintech to list on the bourse, Dubai-based English language daily Khaleej Times said.
MBME shares, which were listed on the Growth Market, the ADX platform tailored to privately owned and emerging companies and family businesses, were priced at 12 dirhams ($3.27) at the opening of trade and went up to 12.30 dirhams ($3.35) at the closure of the first trading day, the newspaper said.
The paper cited MBME investment chief Faisal Esam Yusuf Abdulla Abdulkarim Janahi as saying the company has 3.2m users and is seeking to expand in the Middle East and into Southeast Asia.
The total value of shares traded on the Growth Market in 2022 exceeded 29.8bn dirhams ($8.12bn), a year-on-year increase of 88.1 per cent, Khaleej Times said.
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