Tue 08-02-2022 18:58 PM
ABU DHABI, 8th February, 2022 (WAM) — Al Seer Marine has announced today a sizeable investment of 375 million equity shares (AED1.2 billion) in AD Ports Group allocated ahead of its IPO.
The investment will support Al Seer Marine to generate growth in the country and the wider region and will accelerate the company’s local and international expansion plans. Al Seer Marine has been rapidly growing its portfolio, which now includes AD Ports Group which will list on Abu Dhabi Securities Exchange (ADX) on Tuesday.
Guy Neivens, Chief Executive Officer 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 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.”
Founded in 2003, Al Seer Marine is a leader in marine services in the region with AED1 billion in paid-in capital and over 1,200 employees. As of December 2021, the company’s assets amounted to AED6.1 billion, compared to AED717.81 million at the start of the year.
Al Seer Marine provides vessels construction services, operation, refurbishment, and yacht management to private customers, as well as fulfilling public sector vessels contracts.
WAM/Lina ibrahim/Hazem Hussein