money and businessGulf Countries

Phoenix Group Makes Historic Middle East Debut on Abu Dhabi Stock Exchange

Phoenix Group is set to list its shares on the Abu Dhabi Securities Exchange tomorrow, marking the first-ever listing in the Middle East for a company operating in cryptocurrency mining and blockchain technology.

The company offered approximately 907 million shares for subscription, representing 18% of its capital, at a price of 1.5 dirhams per share. Following the subscription, the company’s estimated value stands at around $2.47 billion.

It’s worth noting that International Holding Company (IHC), headquartered in Abu Dhabi, owns a 10% stake in Phoenix Group.

The group operates nine mining facilities across the United States, Canada, the UAE, and other countries. Additionally, it has a joint venture with the Abu Dhabi government for a $2 billion cryptocurrency mining site.

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