Presight Partners with QMM as Liquidity Provider to Bolster ADX Trading
Presight AI Holding PLC (ADX: PRESIGHT), a regional leader in big data analytics powered by generative AI, has appointed Q Market Maker (QMM) as its Liquidity Provider for Presight shares traded on the Abu Dhabi Securities Exchange (ADX).
Under the liquidity provision agreement signed between the two entities, QMM will commence providing liquidity to PRESIGHT shares on ADX starting from September 26, 2023. QMM will do so by placing two-way quotes that adhere to ADX and the UAE Securities and Commodities Authority (SCA) regulations. This strategic move aims to augment liquidity, maintain a well-ordered market, and foster investor confidence in Presight AI’s publicly traded shares.
Presight made its debut on ADX in March 2023 through an oversubscribed initial public offering (IPO) that received an impressive 136-times oversubscription rate. The IPO successfully raised approximately US$496 million (AED1.822 billion) in proceeds.
Founded in 2020, Presight has developed extensive expertise in big data, analytics, and AI to create solutions that harness information and generate insights. These empower customers to make impactful decisions and transform current challenges into opportunities.
During the COVID-19 pandemic, Presight collaborated with the Abu Dhabi Government to establish a contact tracing and pandemic management system. The company also played a pivotal role in ensuring the security and management of Dubai Expo 2020, enabling 24 million visitors to safely attend the event. Additionally, Presight partnered with the Abu Dhabi Accountability Authority (ADAA) to provide multiple AI platforms aimed at promoting accountability, transparency, and integrity across all Abu Dhabi Government entities.
More recently, Presight signed an MOU with the UAE National Crisis and Emergency Management Authority (NCEMA) to develop an AI-driven platform for responding to humanitarian, medical, emergency, and crisis situations, further supporting the nation’s emergency services.
On the international front, Presight contributed to national digital transformation initiatives with government entities in Senegal, the Islamic Republic of Mauritania, and the Maldives. The company has also enhanced the UAE’s appeal to foreign direct investment (FDI) and supported private sector partnerships through an MOU with the Ministry of Economy.
Thomas Pramotedham, CEO of Presight, expressed his satisfaction with the appointment of QMM as a Liquidity Provider, stating, “This agreement will improve trading dynamics, ensuring our investors enjoy seamless trading experiences and enhancing the attractiveness of our stock.”
Magdi Shannon, CEO of QMM, commented on the collaboration, saying, “We are delighted to partner with a forward-thinking entity like Presight AI. Our shared vision for stable, transparent, and efficient markets will undoubtedly benefit investors and reinforce confidence in the ADX trading ecosystem.”
QMM, established in 2020, plays an active role in enhancing liquidity for ADX-listed securities. The company actively contributes to boosting liquidity and improving market quality, encouraging increased participation in trading activities on ADX.
