AD Ports Group raises nearly $1.1 bn as primary issuance
AD Ports Group, a leading integrated port, logistics, and industrial zone operator in the UAE, today announced the listing of its shares on Abu Dhabi Securities Exchange (ADX).
Trading is set to begin tomorrow, under the ticker symbol “ADPORTS”.
Ahead of the listing, AD Ports Group raised new capital through a primary issuance. The AED 4 billion (almost $1.1 billion) of cash proceeds will fund the Company’s organic and inorganic growth plans.
Accordingly, 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.
AD Ports Group is rated A+ by S&P and A+ by Fitch.