Today's Edition
A. SREENIVSA REDDY (ABU DHABI)
Al Seer Marine Supplies and Equipment (ASM) has sold part of its listed equity investment portfolio and used the proceeds to repay a Dh600 million tranche of an existing term loan facility.
“As part of its investment portfolio and balance-sheet management activities, it disposed of a portion of its listed equity investments through separate on-market transactions executed at prevailing market prices,” the company said in a stock market disclosure.
The proceeds were used for the voluntary early repayment of a Dh600 million tranche under the company’s existing term loan facility. ASM said the repayment was completed in full in September.
“The voluntary prepayment has reduced the company’s outstanding borrowings and associated finance costs,” the disclosure said.
The company did not disclose the value of the equity investments sold, the number of shares involved or the companies in which the stakes were held.
Headquartered in Abu Dhabi, ASM is a maritime company with operations spanning commercial shipping, yachting, boatbuilding, large-scale 3D printing and unmanned vessel platforms.
ASM, which is listed on the ADX Growth Market, has a market capitalisation of Dh3.18 billion and is majority-owned by International Holding Company (IHC). Its shares jumped 14.8% on Thursday following the disclosure.
It may be recalled that ASM holds a 7.3% stake in AD Ports Group, which is the subject of a cash offer by its majority shareholder, L’IMAD Holding, to acquire the remaining shares and take the company private.
