Massar to Sell Shares in Abu Dhabi’s First IPO Since 2011

Massar Solutions PJSC, a transport solutions company, plans to list its shares on Abu Dhabi’s exchange next month in what would be the bourse’s first initial public offering since 2011.

“We will be floated in early February,” Chief Executive Officer Paul Greenwood said by telephone from Abu Dhabi today. “We are under the guidance of the Securities and Commodities Authority and the market itself.”

The company is offering 240 million shares, or 40 percent of its share capital, at 2.40 dirhams each starting Jan. 11 for about two weeks, according to an e-mailed statement yesterday. The sale is open to citizens of the United Arab Emirates or companies solely owned by nationals. Eshraq Properties Co. was the last company to sell shares and list on the Abu Dhabi Securities Exchange in 2011.

Massar is 51 percent owned by Abu Dhabi Investment Co. and 49 percent by Abu Dhabi National Energy Co. Both companies are selling 120 million shares each, according to the statement. Proceeds of the offering will go to the shareholders.

Macquarie Capital Middle East LLC and National Bank of Abu Dhabi PJSC, Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank PJSC, First Gulf Bank PJSC and Union National Bank are managing the sale. Allen & Overy LLP and Latham & Watkins LLP are legal advisers, the company said yesterday.

Abu Dhabi’s ADX General Index advanced 5.6 percent last year, it’s third consecutive annual increase. Markets in the U.A.E. began trading as members of MSCI Inc.’s Emerging Markets Index in June.

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