ADX lists $300mln Sukuk for General Holding Corporation SENAAT

Abu Dhabi: Abu Dhabi Securities Exchange (ADX), the region's leading financial market, together with General Holding Corporation (SENAAT), one of the largest holding companies in industrial investment in the UAE, today, rang the market opening bell to celebrate the listing of the first tranche of SENAAT sukuk. Valued at $300 million (1.1 billion AED), it is the first of its kind dual listing between Abu Dhabi Securities Exchange (ADX) and London Stock Exchange.

The sukuk was raised at a profit rate of 4.76% with a 7-year tenure, backed by an Obligor Rating of A3 (stable) by Moody’s and A (stable) by Fitch issued last week. The issuance, listed on ADX under the code XSSENAAT1225, witnessed exceptional demand from over 180 local and global investors, exceeding the coverage ratio by almost 10 folds.

H.E. Khaleefa Al Mansouri, Acting Chief Executive of ADX , H.E Eng. Jamal Salem Al Dhaheri, CEO of General Holding Corporation (SENAAT), alongside senior management of the corporation attended the bell ringing ceremony of the dual listing with London Stock Exchange.

H.E. Khaleefa Al Mansouri, stressed the significance of the new listing, which reflects the secure investment environment offered by ADX to listed companies and investors alike. The new listing is also a testament to the adequate procedures adopted by ADX to improve the efficiency and performance of the securities exchange market.

His Excellency said: “This listing reaffirms ADX’s position as a leading market in the region and as a preferred destination for listings, thanks to the confidence it provides. The market is capable of listing fixed-income securities and adopts an advanced system of settlement and clearing. ADX also has an outstanding infrastructure for listing diversified securities, giving investors the opportunity to invest their savings in a legal environment that adheres to global best practices in disclosure, transparency and provides a stable economic and regulatory environment.”

H.E. Eng. Jamal Salem Al Dhaheri, CEO of General Holding Corporation (SENAAT) added: “The listing of the sukuk on the Abu Dhabi Securities Exchange is an important milestone in the company's history. This is the first time the company has entered the public markets to issue sukuk that can be traded in one of the world's leading financial markets. This is a confirmation of the strong performance and progress achieved by the company, which is in line with our goals and future strategies. As one of the largest holding companies in the field of industrial investment in the UAE, we have a strong financial position that enhances our self-sufficiency and strengthens the confidence of lenders in supporting our development plans. The exceptional demand by the broad investor base, supported by high obligor ratings from Moody's and Fitch, reflects our strength and competitiveness, as well as the low risk of the new sukuk.”

This listing is the third of its kind this year on ADX. In October, Aldar Investment Properties LLC sukuk was listed jointly with the Irish Stock Exchange. While in May of this year, ADX listed sovereign bonds issued by the Ministry of Finance and The Maldives Ministry of Finance and Treasury on behalf of the Government of Maldives for the Abu Dhabi Fund for Development (ADFD), the first of its kind in the UAE and the region.

ADX continually exerts effort on being a preferred listing and trading platform, consolidating its position as a market leader in the region by providing innovative products and services that ensure a fair and secure investment environment. ADX also strives to strengthen the local economy and support the overall sustainable economic development of the Emirate, as part of its commitment to Abu Dhabi’s Plan for the development of the financial services sector, thereby enhancing the competitive environment for business and attracting investments in the emirate.

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For more information, please contact:

Layla Haroon

Senior Account Director

Hanover Communications

lharoon@Hanovercomms.com

About SENAAT:

SENAAT is one of the UAE’s largest industrial holding companies, managing assets for the Government of Abu Dhabi. SENAAT is fully owned by Abu Dhabi Government and has been mandated to create, acquire and optimise industrial businesses in Abu Dhabi and beyond to maximize shareholder value. It is a key contributor to Abu Dhabi’s Economic Vision 2030, which aims to diversify the Emirate’s economy away from its reliance on the hydrocarbon sector by developing a strong industrial capability. SENAAT currently operates in four of the key industrial sectors listed in Abu Dhabi 2030 – Metals, Oil & Gas Services, Construction & Building Materials and Food & Beverages Manufacturing. SENAAT contributes to the socio-economic development of Abu Dhabi, in a profitable manner, while developing human capital.

SENAAT, which translates as ‘Industries’ manages more than AED 27.2 billion of industrial assets and has invested in the non-oil sector an average of AED1.9 billion a year over the last 10 years. SENAAT employs nearly 20,000 people across its portfolio of nine companies and its leadership is made up mainly of Emirates nationals.

Its subsidiary companies benefit from SENAAT’s unique ability to source innovation, create and grow businesses and provide proactive, strategic input through to commercial productivity. SENAAT aligns itself with its portfolio companies to build world-class companies:

• Emirates Steel

Emirates Steel is the only integrated steel producer in the UAE and one of the largest integrated steel producers in the GCC.

• National Petroleum Construction Company (NPCC)

NPCC is a major international contractor providing integrated onshore and offshore oil and gas fabrication, support and Engineering, Procurement and Construction services.

• Arkan

Arkan specialises in the manufacturing of building and construction products in the UAE.

• Ducab

Ducab is a joint venture between the Abu Dhabi and Dubai governments and is one of the leading manufacturers of high-quality power cables and wires in the Middle East.

• Agthia

Agthia is one of the UAE’s leading food and beverage groups with assets across the Middle East, North Africa and Turkey.

• Al Foah

Al Foah is the largest date company in the world. It manages the process of packaging, distributing and marketing dates in Abu Dhabi to 48 different countries.

• Taweelah Aluminium Extrusion Company (TALEX)

TALEX is a joint venture with Gulf Extrusions, an Al Ghurair Group company, and owns and manages, state-of-the-art Aluminium Extrusion plant based at Kizad.

• Al Gharbia Pipe Company

Al Gharbia Pipe Company is a joint venture between SENAAT and two of Japan’s leading companies in the steel sector, JFE Steel Corporation and Marubeni-Itochu Steel Inc (MISI). It owns and manages the UAE’s first sour service capable, welded steel pipe plant based at Kizad with expected capacity of 240,000 tons annually.

• Ducab Aluminium Company (DAC)

DAC is a joint venture between SENAAT and its portfolio company Ducab, which is currently constructing a facility to manufacture aluminium alloy rods, wires, and bare overhead conductors, mainly for use in cable-making, utilities, and other manufacturing.

For further information, please visit our website: www.SENAAT.co

About ADX:

Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions.

ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA).

In 2014, ADX was upgraded to ‘Emerging Market’ status by both MSCI and S&P Dow Jones. ADX was already classified as an Emerging Market by FTSE in 2009 and in 2011 by S&P and Russell Investments.

For further information, please contact:

For ADX

Abdulrahman Saleh Al Khateeb

Marketing & Corporate Communication

Mary Khamasmieh

Weber Shandwick

Tel: +971 (0) 26128774

Mobile No.: +971 (0) 502731753

Mobile: 00971 (50) 506689733

e-mail: MKhamasmieh@webershandwick.com

Email: ALKhateebA@adx.ae

© Press Release 2018