ADQ Seeks to Raise $1.1 Billion From Abu Dhabi Ports Share Sale - Bloomberg
Sovereign wealth fund ADQ is seeking to raise as much as $1.1 billion by selling shares in Abu Dhabi Ports, according to people familiar with the matter.
The listing on Abu Dhabi Securities Exchange is expected to comprise a sale of 1.25 billion shares at 3.20 dirhams ($0.87) each, the people said, declining to be identified as the matter is private. ADQ is planning for a listing on Feb. 8, subject to approvals.
Established in 2006, Abu Dhabi Ports contributes about 14% of Abu Dhabi’s non-oil economic growth, according to the firm’s website. The company has recently become more active in capital markets, selling a debut bond of $1 billion in April and signaling plans to issue more debt to support investment.
In 2020, Abu Dhabi Ports handled 30 million tons of general cargo volumes, according to its offering prospectus. The firm said it has a number of expansion projects ongoing at Khalifa Port, where it added a new container terminal in 2018.
The United Arab Emirates, the third-biggest producer in the Organization of Petroleum Exporting Countries, has used its oil wealth to broaden its economy, diversifying into tourism while also developing transport and trade hubs.
Abu Dhabi, the wealthiest of the UAE’s seven emirates, has been at the center of a push to revive IPOs. The city’s exchange -- also owned by ADQ -- is offering sweeteners that include flexibility on the minimum stake size required for share sales and promises to reduce or forgo listing fees.
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