Abu Dhabi’s Senaat Said to Hire HSBC, JPMorgan for Share Sale
Abu Dhabi holding group Senaat, which owns companies including National Petroleum Construction Co., hired HSBC Holdings Plc (HSBA) and JPMorgan Chase & Co. (JPM) for a share sale, two people familiar with the matter said.
The company appointed the banks as joint book runners for an initial public offering this year, the people said, declining to be identified because the matter isn’t public. Senaat Chief Financial Officer Jassem Saleh Busaibe declined to comment, as did a spokesman for HSBC. Calls to JPMorgan’s media office in London outside of office hours weren’t immediately answered.
Senaat is among United Arab Emirates’ companies planning share sales after stock values surged. Abu Dhabi’s benchmark ADX General Index gained 45 percent this year, while the government forecasts average economic growth of 4.6 percent between 2012 and 2015, more than twice as fast as the previous four years.
Senaat, which also owns Emirates Steel Industries PJSC, posted a 7 percent rise in revenue to 12.3 billion dirhams ($3.3 billion) in 2012, while assets rose 8 percent to 25.4 billion dirhams, according to a statement on the company’s website. Earnings before interest, tax, depreciation and amortisation rose 8 percent to 2.3 billion dirhams in the period.
Just Falafel, the U.A.E. fast-food chain, is weighing the sale of a 25 percent stake in an initial public offering, two people with knowledge of the matter said last week. Gulf Capital, the Abu Dhabi-based private equity firm, hired Rothschild to advise on a share sale of its Gulf Marine unit, while private equity firm Abraaj Group is planning an IPO of its Stanford Marine Group unit in London.