Saudi Global Ports Said to Pick Banks for Up to $1 Billion IPO - Bloomberg
State-backed Saudi Global Ports Co. has picked banks including Goldman Sachs Group Inc. and HSBC Holdings Plc to help arrange a planned Riyadh initial public offering, according to people familiar with the matter.
The port operator owned by the kingdom’s Public Investment Fund and Singapore’s PSA International Pte could be listed as early as next year, according to the people, who declined to be named discussing confidential information. The deal could raise up to $1 billion, the people said.
No final decisions have been made on the timing and size of the offering. Representatives for Saudi Global Ports, PIF, PSA, Goldman and HSBC declined to comment.
Bloomberg News previously reported that the port operator was among the companies owned by the PIF that was being considered for an IPO. PSA is owned by Singapore’s state investor Temasek Holdings Pte.
The PIF is the main entity tasked with delivering Crown Prince Mohammed Bin Salman’s multitrillion-dollar Vision 2030 plan, which envisages substantial investments into the kingdom’s transports and logistics industry, among others.
The nearly $1 trillion wealth fund is lining up stake sales in portfolio companies — including medical procurement firm Nupco — to finance the economy’s diversification away from oil. This year, the fund has raised over $13 billion from secondary share sales in Saudi Aramco and Saudi Telecommunications.
Saudi Global Ports was formed in 2012 and operates container terminals in King Abdulaziz Port on the country’s east coast, according to its website. The port is the largest container terminal on the Persian Gulf. It also manages Riyadh Dry Port.
Wednesday, 18 December 2024
Infinity Power: Masdar-Backed Renewable Energy Developer Mulling #AbuDhabi #UAE IPO - Bloomberg
Infinity Power: Masdar-Backed Renewable Energy Developer Mulling Abu Dhabi IPO - Bloomberg
Infinity Power, a renewable energy developer partly owned by Masdar, is considering selling its shares on the Abu Dhabi stock exchange within the next two or three years, according to its chairman.
The Africa-focused firm’s timeline for listing will depend on market conditions, Mohamed Ismail Mansour said in an interview on Tuesday. Infinity Power, in which United Arab Emirates-based Masdar has a 49% stake, is also considering listing on exchanges in Dubai, Johannesburg, London, and Cairo.
The Middle East has become a global hotspot for initial public offerings, raising more than $12 billion this year. The UAE continues to lead the region in terms of listing volumes despite increased activity in Saudi Arabia and Oman.
“If we’re going to list today, our preference would be Abu Dhabi,” Mansour said. “Maybe that changes in a year or two. It depends on how the markets evolve.”
The company would probably list 20-30% of its shares initially and is also looking “very seriously” at issuing green bonds, he said. Infinity Power is working on getting a credit rating and hopes to issue a bond by the beginning of 2026, he added.
Infinity Power, a renewable energy developer partly owned by Masdar, is considering selling its shares on the Abu Dhabi stock exchange within the next two or three years, according to its chairman.
The Africa-focused firm’s timeline for listing will depend on market conditions, Mohamed Ismail Mansour said in an interview on Tuesday. Infinity Power, in which United Arab Emirates-based Masdar has a 49% stake, is also considering listing on exchanges in Dubai, Johannesburg, London, and Cairo.
The Middle East has become a global hotspot for initial public offerings, raising more than $12 billion this year. The UAE continues to lead the region in terms of listing volumes despite increased activity in Saudi Arabia and Oman.
“If we’re going to list today, our preference would be Abu Dhabi,” Mansour said. “Maybe that changes in a year or two. It depends on how the markets evolve.”
The company would probably list 20-30% of its shares initially and is also looking “very seriously” at issuing green bonds, he said. Infinity Power is working on getting a credit rating and hopes to issue a bond by the beginning of 2026, he added.
Gulf equities end mixed; Fed rate outlook in focus | Reuters
Gulf equities end mixed; Fed rate outlook in focus | Reuters
Gulf shares were mixed on Wednesday as investors exercised caution ahead of the U.S. Federal Reserve's last policy announcement of the year after economic data indicated consumer spending remained solid.
The U.S. central bank is widely expected to deliver a 25-basis-point interest rate cut at the end of its meeting later in the day, but the focus will be on how much further Fed officials think they will reduce rates in 2025.
The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the dirham, are pegged to the U.S. dollar.
The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the dirham, are pegged to the U.S. dollar.
Shares in Dubai (.DFMGI), opens new tab slipped 0.8% after the benchmark stock index hit its highest in more than a decade for two straight sessions. Emirates NBD (ENBD.DU), opens new tab, Dubai's largest lender, dropped 4.5% and Emaar Properties (EMAR.DU), opens new tab lost 2.8%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab bounced back from losses in the previous session, inching up 0.1%. Oil major Saudi Aramco (2222.SE), opens new tab rose 1.1%, while Savola Group (2050.SE), opens new tab surged 10% to hit an eight-month high.
The Kingdom's largest foods producer, Savola, said on Sunday its shareholders had approved the board's proposal to reduce capital and compensate the eligible shareholders by paying 8.34 billion riyals ($2.22 billion) in the form of Almarai shares.
The Kingdom's largest foods producer, Savola, said on Sunday its shareholders had approved the board's proposal to reduce capital and compensate the eligible shareholders by paying 8.34 billion riyals ($2.22 billion) in the form of Almarai shares.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab was up 0.3%, lifted by gains in most sectors. Conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab climbed 5.6%, while Ghitha Holding (GHITHA.AD), opens new tab rose 4%.
The food and beverage giant Ghitha said on Tuesday it has amicably scrapped the deal to acquire a 44% stake in MNG Havayollari ve Tasimacilik A.S.
The food and beverage giant Ghitha said on Tuesday it has amicably scrapped the deal to acquire a 44% stake in MNG Havayollari ve Tasimacilik A.S.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.3%, with most constituents posting losses. Talaat Moustafa Group (TMGH.CA), opens new tab dropped 1.4% and EFG Holding (HRHO.CA), opens new tab slid 2.5%.
"While investors await the Fed's decision, concerns remain that a hawkish outlook could strengthen the U.S. dollar, which may put additional pressure on the Egyptian pound, said George Pavel, general manager at Naga.com Middle East.
"This currency dynamic could negatively impact market sentiment".
"This currency dynamic could negatively impact market sentiment".
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