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    AGTHIA   AEA001901015

AGTHIA GROUP PJSC

(AGTHIA)
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Abu Dhabi Ports raises $1 billion loan, sources say

04/25/2021 | 07:50am EDT
FILE PHOTO: Containers are seen at Abu Dhabi's Khalifa Port after it was expanded in Abu Dhabi

DUBAI (Reuters) - Abu Dhabi Ports, which owns and operates 11 ports and terminals in the United Arab Emirates and Guinea, has secured a $1 billion loan with a group of banks, two sources said.

Nine banks provided the facility, with Citi and First Abu Dhabi Bank having lead roles in the transaction, the first source said on condition of anonymity.

The source added that HSBC and Standard Chartered were also involved in the loan for the company, which is owned by Abu Dhabi state holding company ADQ.

Abu Dhabi Ports, FAB, HSBC and Standard Chartered did not immediately respond to Reuters requests for comment. Citi declined to comment.

Issuers in the Gulf have been raising debt, seeking to benefit from low rates as the region emerges from an economic downturn caused by the COVID-19 pandemic and last year's oil price plunge.

Abu Dhabi Ports was also likely to issue bonds soon, the second said. Fitch Ratings and S&P Global Ratings both assigned the company an A+ credit rating on Thursday.

ADQ, which sovereign wealth fund tracker Global SWF said last month was worth $110 billion, has gained prominence in the past year as Abu Dhabi consolidated several government assets under its banner.

Another ADQ subsidiary, power utility TAQA, raised $1.5 billion in a bond deal last week. Food and beverages group Agthia, also owned by ADQ, mainly used bank debt to finance its acquisition of three quarters of Egypt's Ismailia Agricultural and Industrial Investment.

(Reporting by Yousef Saba; Editing by Edmund Blair)

By Yousef Saba


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI NATIONAL ENERGY COMPANY 0.71% 1.41 End-of-day quote.-2.08%
AGTHIA GROUP PJSC 1.38% 6.59 End-of-day quote.55.06%
FIRST ABU DHABI BANK P.J.S.C. -2.01% 16.56 End-of-day quote.28.37%
STANDARD CHARTERED PLC 0.02% 485.4 Delayed Quote.4.16%
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Financials
Sales 2021 3 157 M 859 M 859 M
Net income 2021 268 M 72,9 M 72,9 M
Net cash 2021 180 M 49,0 M 49,0 M
P/E ratio 2021 20,6x
Yield 2021 2,09%
Capitalization 4 745 M 1 292 M 1 292 M
EV / Sales 2021 1,45x
EV / Sales 2022 1,33x
Nbr of Employees 167
Free-Float 49,2%
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Technical analysis trends AGTHIA GROUP PJSC
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 6,37 AED
Last Close Price 6,59 AED
Spread / Highest target 4,86%
Spread / Average Target -3,34%
Spread / Lowest Target -13,5%
EPS Revisions
Managers and Directors
NameTitle
Alan Smith Chief Executive Officer
Ammar Mohammad Ahmed Al Ghoul Chief Financial Officer
Khalifah Sultan Hazeem Al-Suwaidi Chairman
Rabih Kamleh Senior Vice President-R& D, Quality Assurance
Khamis M. Khamis Buharoon Al-Shamsi Independent Non-Executive Director
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