2023-05-19 08:14:47
The UAE Marine Dredging Company intends to invest $30 million in the IPO of the UAE’s ADNOC Logistics and Services Company in the Abu Dhabi market, according to the company’s disclosure on Friday.
Government offerings are witnessing great momentum in the UAE, within the framework of the Gulf state’s plan to develop the market, increase the number of listed companies, and attract foreign investors to invest in securities.
The subscription to 15% of ADNOC Supply and Services – affiliated to the UAE oil company ADNOC – began on May 16 and will continue until May 23, and it is expected to raise one billion dollars, and that the company will trade on the Abu Dhabi Stock Exchange on June 1, 2023.
According to the statement of the National Dredging Company, the Board of Directors approved, on Thursday, the decision to “subscribe in ADNOC Logistics and Services Company for a total amount of $ 30 million.”
ADNOC Logistics & Services is the shipping and marine logistics arm of the ADNOC Group and operates petroleum ports in several regions of the country. The company has a fleet of more than 200 owned or chartered vessels that transport crude oil and petroleum products to global markets.
As for the Marine Dredging Company, it is a semi-governmental company established in 1978 in Abu Dhabi, with the aim of carrying out all drilling operations in the seas, and was listed on the Abu Dhabi Stock Exchange in 2000, and part of their name is owned by the Abu Dhabi government, according to its website and its file on the Abu Dhabi Market.
(Prepared by: Jehan Laghmari, Edited by: Shaima Hefzy, Contact zawya.arabic@lseg.com)
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