Proceeds from share sale to fund local, international expansion
Abu Dhabi Ports Group has completed its share sale and will proceed with its debut on the main market of the Abu Dhabi Securities (ADX) on Tuesday, the company has confirmed.
The ports, logistics and industrial zone operator raised through a primary issuance a total of 4 billion dirhams ($1 billion), which will be used to fund the company’s local and international expansion plans.
Majority owned by UAE sovereign wealth fund ADQ, the company will begin trading under the ticker symbol ADPorts.
ADQ will remain a majority shareholder, with a 75.44 percent stake in the listed entity, a statement said.
ADQ had transferred ownership of stakes in two of its listed companies to AD Ports Group prior to the listing. The transferred shares include a 22.32 percent stake in courier firm Aramex and a 10 percent stake in UAE-based contractor National Marine Dredging Company.
Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said they are confident that the company is “well-positioned to take the next step” on its “journey of sustained growth and global expansion”.
AD Ports posted a revenue of 2.791 billion dirhams for the nine months ended September 30, 2021, up by 22 percent compared with the same period in 2020.
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