RIYADH: Abu Dhabi Ports Group announced the listing of its shares on Abu Dhabi Securities Exchange will begin on Feb. 8, following its closing of 4 billion dirhams ($1 billion) in an initial public offering.
The amount raised will be used to accelerate the company’s local and international expansion plans, Abu Dhabi Government Media Office reported.
“With 90 percent of global trade travelling by sea, AD Ports Group plays a key role linking Abu Dhabi to markets around the world and facilitating economic diversification,” chairman of ADX, Hisham Khalid Tawfiq Abdulkhaliq Malak, commented.
Based in the capital of UAE, AD Ports Group is part of Abu Dhabi Developmental Holding Co., known as ADQ, as it holds a majority of 75.4 percent stake in the entity.
