IHC’s Alpha Dhabi to list on ADX with $2.72bn paid-in-capital

IHC’s Alpha Dhabi to list on ADX with $2.72bn paid-in-capital
IHC took a 45 percent stake in Alpha Dhabi in April. (Shutterstock)
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Updated 25 June 2021

IHC’s Alpha Dhabi to list on ADX with $2.72bn paid-in-capital

IHC’s Alpha Dhabi to list on ADX with $2.72bn paid-in-capital
  • Abu Dhabi IPO slated for June 27

ABU DHABI: Alpha Dhabi Holding (ADH) announced its intention to proceed with an IPO and listing of its ordinary shares on the Abu Dhabi Securities Exchange (ADX) on Sunday 27th June with 10 billion Emirati dirhams ($2.72 billion) paid-in capital, WAM reported.

The offering is expected to involve a sale of existing shares to individuals and other investors in the UAE and to qualified institutional and other investors.

“We have made the journey to become a public company in a way that’s going to have a positive reflection on our growth plan, and as a public company we will have a stronger capital structure to invest in additional verticals, expand commercially and accelerate growth both organically and through acquisitions,” said ADH Chairman Mohamed Thani Murshed Al Rumaithi.

IHC acquired a 45 percent stake purchase in ADH in April.

“We invested in Alpha Dhabi in early 2021 and we have used our sector experience to reorganize, integrate and transform Alpha Dhabi into a leading UAE holding company with special focus on construction and hospitality,” said Syed Basar Shueb, CEO IHC.

“The business is growing fast, highlighted by the 30 percent jump in first quarter revenue and gaining a listing on a major stock exchange will enhance its already strong platform and reputation. We are delighted to have supported its management team to deliver on its Abu Dhabi Stock Exchange IPO,” he said.

Incorporated in 2013, Alpha Dhabi operates across five industries, including health care, construction and hospitality. The company’s investment portfolio, local and international, includes 25 subsidiaries and 40,000 employees active in different fields.


Saudi Arabia still Dubai’s largest Arab trading partner, reveals government data

Saudi Arabia still Dubai’s largest Arab trading partner, reveals government data
Updated 20 sec ago

Saudi Arabia still Dubai’s largest Arab trading partner, reveals government data

Saudi Arabia still Dubai’s largest Arab trading partner, reveals government data

DUBAI: Dubai’s trade with Saudi Arabia grew 26 percent to 30.5 billion dirhams in the first half of 2021, making it the emirate’s biggest trading partner in the Arab world.

China, however, remains the emirate’s biggest trading partner in the world in terms of value - increasing by 30.7 percent to 86 billion dirhams in the six months to July. India is the second largest, with trade value growing 74.5 percent to 67.1 billion dirhams. 

Overall, the non-oil foreign trade of Dubai grew 31 percent year-on-year in the first half 2021 to 722.3 billion dirhams ($196.66 billion), the media office reported. 

“This marked growth in trade demonstrates the success of Dubai's strategic plan to consolidate its position as a global logistics and trade hub that connects the world's diverse markets,” Hamdan Mohammed bin Rashid Al-Maktoum, Dubai crown prince, said. 

Exports value was 109.8 billion dirhams, a 45 percent growth, while imports rose 29.3 percent to 414 billion dirhams. Re-exports were up 28.3 percent to 198.6 million in the same period. 


SIIG to takeover Petrochem shares in a potential merger

SIIG to takeover Petrochem shares in a potential merger
Updated 28 September 2021

SIIG to takeover Petrochem shares in a potential merger

SIIG to takeover Petrochem shares in a potential merger
  • Under the deal, SIIG would pay Petrochem’s shareholders by issuing new shares in SIIG

DUBAI: Two Saudi petrochemical companies have signed a non-binding agreement on a proposed merger, the pair said in separate Tadawul filings.

Saudi Industrial Investment Group (SIIG) offered a share exchange deal to acquire the remaining 50 percent of the National Petrochemical Company (Petrochem). 

Under the deal, SIIG would pay Petrochem’s shareholders by issuing new shares in SIIG. They will also receive 1.27 shares in SIIG in exchange for each share they owned in Petrochem. 

HSBC Saudi Arabia is working with SIIG on the deal, while Petrochem hired GIB capital. 

Talks of merger began last year, after Aramco, the biggest oil company in the world, acquired a 70 percent stake in Saudi Basic Industries. 


Payment solutions Zbooni secures $9.5m as e-commerce booms

Payment solutions Zbooni secures $9.5m as e-commerce booms
Updated 28 September 2021

Payment solutions Zbooni secures $9.5m as e-commerce booms

Payment solutions Zbooni secures $9.5m as e-commerce booms
  • The company, it said in a statement, is seeing strong traction on its mobile seller app and web-based tools

DUBAI: Payment solutions provider Zbooni has secured $9.5 million in its latest funding round, on the back of the region’s growing e-commerce scene.

Several regional and international investors participated in the Series A round, including family office March Holding, US-based Enterprise Fund, as well as a few European private investors.

The UAE-based startup provides digital tools for businesses to engage with their customers - including an online invoining function, and other mobile-based applications. 

“Our solutions help businesses seamlessly transition into a new era of commerce, offering more relevant ways to sell and interact with customers,” Ramy Assaf, Zbooni founder, said. =

The company, it said in a statement, is seeing strong traction on its mobile seller app and web-based tools. 

Zbooni will use the funds to further develop its proprietary commerce technology, as well as hire new talent and expand into new markets. 

“We see a massive opportunity in front of us and are excited about helping define the next generation of commerce,” Assaf said.


‘solutions by stc’ sets minimum of 2 shares per individual investor in IPO

‘solutions by stc’ sets minimum of 2 shares per individual investor in IPO
Updated 28 September 2021

‘solutions by stc’ sets minimum of 2 shares per individual investor in IPO

‘solutions by stc’ sets minimum of 2 shares per individual investor in IPO
  • Around 1.04 million retail investors subscribed to 2.4 million shares at SR151 per share - an offering oversubscribed by 2,365 percent

DUBAI: ‘Solutions by stc’ has allocated a minimum of two shares per individual subscriber as it completes its initial public offering. 

The ‘stc’ unit earlier announced its intention to float on the Saudi bourse, offering 24 million shares or 20 percent of its capital.

According to a filing on Monday, remaining shares will be allocated on a pro rata basis at around 0.5776 percent on average, based on the size of each subscriber’s request compared to the total remaining subscribed shares. 

Around 1.04 million retail investors subscribed to 2.4 million shares at SR151 per share - an offering oversubscribed by 2,365 percent. 

The institutional offering was 13,0004 percent oversubscribed, raising SR471 billion. 


Qatar Airways says gets $3bn state aid after huge loss

Qatar Airways says gets $3bn state aid after huge loss
Updated 28 September 2021

Qatar Airways says gets $3bn state aid after huge loss

Qatar Airways says gets $3bn state aid after huge loss
  • The airline reported an overall loss of $4.1 billion for the year to March 31

DOHA: Qatar Airways said Monday it received $3 billion in state aid to weather the coronavirus travel downturn and to offset losses it blamed on the cost of grounding aircraft.
The airline reported an overall loss of $4.1 billion for the year to March 31, double the figure for the same period the year before.
Without the cost of grounding its Airbus A380 and A330 aircraft, Qatar Airways reported an underlying operating loss for the year of $228.3 million compared with $310 million the previous year.
The Gulf carrier did report a slight uptick in overall earnings and a 4.6 percent increase in the amount of cargo carried in the last 12-month period.
Qatar is among several governments that have stepped in to support their national carriers through the coronavirus shutdown, which has pummelled global travel and the aviation industry.
In September 2020 the airline reported it had received $2 billion in state aid after its annual losses exceeded 50 percent of share capital.
“We adapted our entire commercial operation to respond to ever-evolving travel restrictions and never stopped flying,” Qatar Airways chief executive Akbar Al-Baker said in a statement, calling the last 12-month period “difficult.”
“While our organization did not receive any subsidies in the form of salary support or grants, (the Qatari government) did provide an equity injection of 11 billion riyals ($3 billion) to support the business’s continuity.”
Monday’s results are the first full year numbers since the United Arab Emirates, a key market for the Gulf carrier, along with Saudi Arabia, Bahrain and Egypt, ended a boycott of Qatar in place since June 2017.
They had accused Doha of links to extremist groups and being too close to Iran, Riyadh’s regional arch-rival — charges Qatar denied — closing their airspace, borders and markets to Doha until a deal was struck in January.
Qatar Airways is the second largest airline in the Middle East after Dubai-based Emirates, operating a fleet of 253 aircraft — although some remain grounded during the pandemic.

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