EXCLUSIVE Abu Dhabi Ports secures investment from conglomerate IHC ahead of listing | Reuters
Abu Dhabi conglomerate IHC has taken a 7.4% stake in Abu Dhabi Ports Group ahead of the latter's listing on the stock market on Tuesday, an IHC spokesman told Reuters.
IHC, through its subsidiary company Al Seer Marine, bought 375 million shares in AD Ports worth 1.2 billion dirhams ($326.74 million) in total, the spokesman said. That would value AD Ports at 16.3 billion dirhams, according to Reuters calculations.
AD Ports, which is owned by sovereign wealth fund ADQ, said earlier on Monday that it had raised 4 billion dirhams in proceeds from its primary issuance and would list its shares on the Abu Dhabi Securities Exchange (ADX) on Tuesday. read more
AD Ports, which operates ports, logistics and industrial zones, said the funds raised would be used to grow organically and via acquisitions, as the company plans to expand both locally and internationally.
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