Abu Dhabi-based Al Seer Marine invests Dhs1.2bn in AD Ports Group

Al Seer Marine, a subsidiary of International Holding Company (IHC), has announced a sizeable investment of 375 million equity shares (Dhs1.2bn) in the AD Ports Group allocated ahead of its IPO. With this investment, the company now owns 7.36 per cent of Abu Dhabi Ports.

The Abu Dhabi-based marine company provides vessels construction services, operation, refurbishment and yacht management to private customers. The company also undertakes contracts for public sector vessels.

The investment will support Al Seer Marine generate growth in the country and the wider region, accelerating the company’s local and international expansion plans. The company has been rapidly growing its portfolio, which now includes AD Ports Group. The group began trading its shares on the Abu Dhabi Securities Exchange (ADX) on February 8.

AD Ports Group raised capital worth Dhs4bn through a primary issuance, which will be used to fund the company’s growth and expansion plans.

Read: AD Ports Group lists shares on Abu Dhabi Securities Exchange

Guy Neivens, CEO of Al Seer Marine, said: “The investment in AD Ports Group is crucial for improving the company’s competitiveness and revenue capacity performance. The port is an economic driver, not only in the UAE but across the region. Our participation highlights our confidence in AD Ports Group IPO and sets a benchmark for the investor community at large.”

As of December 2021, Al Seer Marine’s assets amounted to Dhs6.1bn, compared to Dhs717.81m at the start of the year. The company was also IHC’s sixth subsidiary to be listed on ADX last year.

Read more: Al Seer Marine becomes IHC’s 6th subsidiary to list on ADX