Abu Dhabi Ports Group on Monday announced the listing of its shares on the main market of the Abu Dhabi Securities Exchange (ADX).
Trading is set to begin on Tuesday but ahead of the listing, AD Ports Group said it has raised new capital through a primary issuance.
The AED4 billion of proceeds will be used to fund the company’s organic and inorganic growth plans, allowing it to accelerate its local and international expansion plans, a statement said.
ADQ, an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises, remains a majority shareholder with a 75.44 percent stake in the listed entity.
Furthermore, ADQ transferred ownership of stakes in two listed companies to AD Ports Group prior to the listing.
This comprised a 22.32 percent stake in logistics firm Aramex and a 10 percent stake in UAE-based contractor National Marine Dredging Company.
According to the statement, both companies create significant synergies to AD Ports Group’s existing business and will accelerate its growth strategy as a diversified global trade and logistics platform.
Falah Mohammed Al Ahbabi, chairman of AD Ports Group, said: “Driven by our leaders’ vision to diversify our economy, we have built a market-leading business that embraces a culture of innovation and supports its growth through strategic partnerships with leading organisations around the world.
“We welcome our new shareholders, and we are confident that we are well-positioned to take the next step on our journey of sustained growth and global expansion.”
Hisham Khalid Tawfiq Abdulkhaliq Malak, chairman, ADX, said: “We congratulate AD Ports Group on its successful listing on ADX’s main market. With 90 percent of global trade travelling by sea, AD Ports Group plays a key role linking Abu Dhabi to markets around the world and facilitating economic diversification.”
Mohamed Juma Al Shamisi, managing director and group CEO, AD Ports Group, added: “In 2021, we signed major agreements with international organisations and we delivered strong results across every part of our business despite significant stress on global supply chains caused by the impact of Covid-19.
“We will continue to encourage growth, innovation and the highest level of customer service. Our commitment will ensure sustained success that will benefit our shareholders and other key stakeholders in the year ahead and for the long-term.”
In the nine months ended September 30, 2021, AD Ports Group recorded revenue growth of 22 percent year-on-year to AED2.8 billion ($760 million).
AD Ports Group is rated A+ by S&P and A+ by Fitch.
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