Shuaa Capital mandated to run IPO of Able Logistics Group



Shuaa Capital said it had been mandated to run the initial public offering of Able Logistics Group, a freight forwarding, land transport and warehousing services company.

The Dubai investment bank will be the exclusive financial adviser, lead manager and book runner for the issue, which will list on the Dubai Financial Market this year, it said yesterday.

Able is co-owned by GrowthGate Capital, a GCC-based buyout firm.

Shares of Shuaa rallied as much as 14.7 per cent to close at Dh1.51 each yesterday.

“Able is a real-economy business that offers market participants exposure to a company that benefits directly from Dubai’s position as a global trading hub and increased cross-border economic activity between Asia, the Middle East and Africa,” said Sheikh Maktoum Hasher Al Maktoum, the executive chairman of Shuaa. “The company is very well positioned to continue to benefit from regional infrastructure expansion, such as airport and seaport extensions, and major developments like Dubai’s Expo 2020.”

Dubai-based Able, which was established in 2001 as an air freight forwarder, also provides land transport, warehousing, air cargo and logistics services. It has offices in Dubai, Abu Dhabi and Sharjah as well as a presence in Saudi Arabia, Oman, Afghanistan, Hong Kong and China.

mkassem@thenational.ae

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