More listings in the pipeline for Abu Dhabi’s ADX
State-backed holding company ADQ plans to list Abu Dhabi Ports on Abu Dhabi’s ADX before the end of the year, the company announced in a statement. ADQ will list a portion of existing shares, it said, without specifying a stake, and will remain the majority shareholder. ADX has recently done well attracting local listings, including Abu Dhabi National Oil Company (ADNOC) which revealed its plans to sell at least 7.5% of its drilling unit’s shares on the exchange. The ADX has been working to appeal to investors and announced last month that it would be cutting trading commissions by half and extending its operating hours by one hour to align with global markets.
ELSEWHERE IN THE REGION- Saudi Arabia’s Public Investment Fund made a USD 484 mn bid to buy a 60% stake in Zain Saudi Arabia’s towers infrastructure, according to a company statement shared on the Saudi Exchange. The sale would be the first of telecom infrastructure in the kingdom and would see Zain sell its passive, physical towers and retain all other wireless communication hardware and software.The company also received two offers from Prince Saud Bin Fahad and Sultan Holding Company for a 10% stake each, which would leave the company with a 20% stake.
Further afield: An military takeover in Guinea could make your favourite electronic gadgets more expensive as it has driven aluminum prices above their decade-high. Political turmoil in the West African nation — the world’s largest supplies of the bauxite essential for the manufacturing of aluminum — threatens to upend the nation’s supply chains, the WSJ reports. News of the coup has pushed three month aluminum forwards contracts on the London Metal Exchange upwards by 1.3% to USD 2.77 k a metric ton, its highest since 2011.
Hyundai plans to be the first automaker to run all its new commercial vehicles on batteries or fuel cells by 2028 — and will be rolling out its hydrogen-based technology by 2040, Bloomberg reports. The South Korean auto-manufacturer is expected to introduce its new hydrogen-based technology to “passenger cars, special vehicles, trains, ships and urban air mobility” in addition to devising environmentally friendly generators and robots as part of its plan to become carbon neutral by 2045.
IN EXTREME COVID NEWS- You could be looking at a five-year jail term if you break quarantine rules in Vietnam: A Vietnamese man was convicted of “spreading dangerous infectious diseases” and sentenced to five years in prison yesterday for breaching quarantine regulations, Reuters reports, citing state-run Vietnam News Agency. The man allegedly infected eight people, one of whom died. Two others have been sentenced to 18 months and two-year suspended jail terms on similar charges. Vietnam’s heavy-handed approach to covid-19 seems to be working as far as the numbers go: Ca Mau, the Vietnamese province where the man was convicted, has reported only 191 cases and two deaths since the beginning of the pandemic.