https://arab.news/4jh8h
DUBAI: Abu Dhabi Ports Group has acquired 100 percent ownership of Spanish logistics platform Noatum for 2.5 billion dirhams ($681 million) as the Emirati industrial parks and free zones operator aims to continue to expand internationally.
AD Ports Group said the acquisition deal which will be fully funded through a loan will broaden its global footprint while placing it among the world’s leading logistics and freight forwarding companies.
“This ambitious acquisition brings a major global logistics platform into the AD Ports Group family, significantly enhancing our global connectivity and extending the range of maritime, logistics, and ports solutions,” said the Chairman of AD Ports Group Falah Al-Ahbabi.
He added: “This acquisition makes AD Ports Group one of the most significant global players in the finished vehicle logistics, which we intend to expand in our home and core markets.”
AD Ports plans to merge its existing logistics business with Noatum to create a “market-leading” international logistics brand.
“Moving forward, Noatum will lead AD Ports Group’s logistics cluster, consolidating the company’s existing logistics offering into its operations,” the company said in its statement.
Noatum, a company founded in 1963, is one of the leading firms in logistics, maritime, and port terminals in Spain and Turkey, as well as the US, the UK, China, and Southeast Asia.
Earlier in September, the company acquired a 70 percent stake in Egypt’s International Associated Cargo Carrier for 514 million dirhams to support the global expansion plans.
AD Ports Group now owns a majority stake in Transmar International Shipping Co. and Transcargo International, two Egyptian maritime companies owned by IACC.
AD Ports Group recently acquired an 80 percent stake in Global Feeder Shipping, a Dubai-based container shipping company, for 2.9 billion dirhams, implying an enterprise value of 3.7 billion dirhams.
Taaleem completes book building for IPO raising $204m
The UAE’s K-12 education provider Taaleem Holdings announced the completion of its book building and public subscription process for its initial public offering on the Dubai Financial Market.
The top price of the offering range is 3 dirhams ($0.82) per ordinary share for the new shares to be issued in the offering.
Around 750 million dirhams are earmarked for the offering, which will result in the issuance of 250 million new ordinary shares, equivalent to 25 percent of the company’s total issued shares.
The net proceeds of the offering will be paid to the company upon settlement since it is a primary offering.
Investors in the UAE and internationally showed strong interest in the offering. There were over 13.7 billion dirhams in gross demand, implying an 18-fold oversubscription.
At the time of listing, Taaleem will have a market capitalization of approximately 3 billion dirhams, making it the largest and only dedicated education provider on DFM.
CEO of Taaleem Alan Williamson said: “The 750-million-dirham proceeds raised will be used to expand our K-12 premium education network, providing further opportunities for students in the UAE to access our high-quality education offering.”
He added: “As the largest dedicated education provider on DFM, we have a compelling and differentiated growth-focused investment proposition with our IPO helping to further grow and diversify Dubai’s capital markets.”
Joint Global Coordinators are EFG-Hermes UAE Limited, acting in conjunction with EFG Hermes UAE LLC, and Emirates NBD Capital PSC, acting in conjunction with Emirates NBD Capital Ltd.
Emirates NBD Bank PJSC is the lead receiving bank, while Abu Dhabi Islamic Bank PJSC and Emirates Islamic Bank PJSC are the receiving banks.