Abu Dhabi offers 6.25 dirhams a share for the rest of AD Ports
L'imad said it intends, through ADQ, to offer 6.25 dirhams a share for all of AD Ports Group. Singapore's non-oil exports rose 24.2 per cent in July. Lyttelton Port committed 821 million dollars to a deeper berth.
Economics & Markets··Midday
L'imad offers 6.25 dirhams a share for all of AD Ports
Abu Dhabi sovereign fund L'imad said on Monday it intends to make a voluntary conditional cash offer, through its wholly owned subsidiary ADQ, for the entire share capital of AD Ports Group. The price of 6.25 dirhams, or 1.70 dollars, a share is 23 per cent above the last close of 5.10 dirhams. L'imad, through ADQ, already holds 75.42 per cent of AD Ports Group's shares. The offer sits 25 per cent and 31 per cent above the one-month and three-month volume weighted average prices of 5.02 and 4.76 dirhams. Before the company listed on the Abu Dhabi Securities Exchange in February 2022 its shares were sold at 3.20 dirhams; Monday's price is 95 per cent above that. L'imad said the offer gives AD Ports Group shareholders certain and immediate value.[1]
Chips fly out of Singapore as medicines and petrochemicals fall
Singapore's non-oil domestic exports rose 24.2 per cent in July, after a 20.8 per cent rise in June, according to Enterprise Singapore data published on Monday. The authority linked the increase to artificial-intelligence demand; it still fell short of the 26.8 per cent private-sector economists had forecast. Electronics exports expanded 112 per cent in July, from 105.1 per cent the month before. Disk media products (339.1 per cent), integrated circuits (84.5 per cent) and personal computers (120.8 per cent) contributed the most. Non-electronics shipments fell 2.3 per cent, after a 2.8 per cent decline in June, dragged down by pharmaceuticals (minus 56.7 per cent), petrochemicals (minus 22.5 per cent) and food preparations (minus 17.9 per cent). Total merchandise trade grew 38.6 per cent year on year, after 49.3 per cent in June. Exports rose to nine of the top ten markets, led by the United States at 62.8 per cent, South Korea at 53.3 per cent and China at 37.6 per cent. Shipments to the EU 27 fell 35.5 per cent, reversing the 20.8 per cent growth of the month before.[2]
Lyttelton commits 821 million dollars to a bigger berth
Lyttelton Port Company will spend 821 million dollars expanding its container terminal and building a new 388-metre deepwater wharf at Te Awaparahi Bay. The company said the project would meet growing demand from South Island exporters and accommodate bigger ships. The plan covers a five-hectare container terminal, four new ship-to-shore cranes and semi-automated gantry yard cranes, with the work expected to be complete by 2031. The announcement follows the July decision by Christchurch City Holdings, the city council's investment arm, to reject an unsolicited proposal by global port operator DP World and three Canterbury rūnanga to lease the port's operations. Chair Barry Bragg said the step was a significant one for the port, Christchurch and the South Island economy, many years in the making, and that the past decade had gone into rebuilding and strengthening the port. Chief executive Graeme Sumner said the need for investment was clear, noting that about 92 per cent of container ships being built today would not fit the current arrangement and that the port's cranes were too small to reach modern vessels.[3]
