Abu Dhabi, (Business News Report)|| Abu Dhabi Ports Group has obtained 4 billion dirhams from an initial public offering in the stock market.
The shares of group are scheduled to start trading on Tuesday, on the Abu Dhabi Stock Exchange.
The Abu Dhabi Government Media Office stated that the group succeeded in attracting new capital from the IPO, and the money will be used to finance sales growth plans, acquisitions and mergers to support its plans for local and international expansion.
After listing, ADQ, an investment holding company in the Emirate of Abu Dhabi that owns a wide portfolio of major companies, will maintain ownership of the majority of the Abu Dhabi Ports’ shares with a 75.44% stake.
Before the listing, ADQ transferred the ownership of the shares of two listed companies to Abu Dhabi Ports, including 22.32% of the shares of the logistics company Aramex PJSC and 10% of the National Marine Dredging Company, headquartered in the UAE and specialized in engineering, procurement, construction and marine dredging.
During the first nine months ending on September 30, 2021, Abu Dhabi Ports has achieved a growth rate of 22% compared to the same period last year, reaching 2.791 billion dirhams.
Earnings before interest, taxes, depreciation and amortization increased during the period to reach 1.161 billion dirhams, achieving a growth of 7% compared to the same period last year.
Bloomberg had said that the ADQ aims to raise $1.1 billion by offering a stake in the Abu Dhabi Ports Group for subscription in the Abu Dhabi market.
The fund will sell about 1.25 billion shares in the group at a price of 3.2 dirhams per share, and the share will be offered on the Abu Dhabi market on February 8th.
The group was established in 2006 and contribute to more than 13% of the non-oil economy of the Emirate of Abu Dhabi.
During the past two years, many Gulf companies were listed in the financial markets to obtain the financial liquidity.
