Abu Dhabi Ports Group to list on ADX next week

Bourse confirms listing of the port operator on its main market

Abu Dhabi Ports Group reported a 22 per cent increase in revenue during the first nine months of 2021. Photo: Abu Dhabi Ports

Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, will list on the main market of the Abu Dhabi Securities Exchange next week.

The shares of Abu Dhabi Ports Group — majority owned by ADQ, one of the region’s largest holding companies — will list under the trading symbol ADPORTS on February 8, the ADX said in a statement on Friday.

The company’s shares will be listed in “the first market — first category”, said the bourse, without disclosing the size of the listing that was first announced by ADQ in September 2021.

The share capital of the company was increased to Dh5.09 billion ($1.4bn) in 2022 from Dh3.84bn by way of private placement, with the nominal value of each share priced at Dh1, according to the company's prospectus.

ADQ currently has a stake of 75.44 per cent, or 3.84 billion shares, in Abu Dhabi Ports Group.

The listing is the latest among a string of initial public offerings on the ADX, the second-biggest Arab stock market.

In October, Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, raised about $795 million from its listing on the ADX. That offering followed Adnoc Drilling, which reaped $1.1bn from its listing in the same month.

In July, Al Yah Satellite Communications, better known as Yahsat, a unit of Mubadala Investment Company, raised about $730m through its listing.

Abu Dhabi Ports Group reported a 22 per cent increase in revenue during the first nine months of 2021 on the back of volume growth, business diversification and new partnerships.

The company earned Dh2.791bn in revenue while profit before interest, tax, depreciation and amortisation (Ebitda) rose 7 per cent to Dh1.161bn.

Established in 2006, Abu Dhabi Ports owns and operates 10 ports in the UAE including Khalifa Port, Zayed Port, Mussaffah Port, Fujairah Terminals, Community Ports, Kamsar Port and the Abu Dhabi Cruise Terminal, as well as a terminal in Guinea.

It also manages more than 550 square kilometres of industrial zones and an end-to-end logistics business, and also offers a range of maritime services.

The company is also Abu Dhabi's exclusive developer, operator and regulator of non-military and non-oil and gas ports and related infrastructure.