BAKU, Azerbaijan, November 27. AD Ports Group sold its 9.77% stake in NMDC Group to Alpha Dhabi Holding for AED 1.6 billion ($436 million), its third divestment of non-core assets this year, Trend reports via the company.
The stake was originally transferred to AD Ports by ADQ ahead of its 2022 listing. The holding generated a total shareholder return of 17% over less than four years, based on dividends and capital gains.
AD Ports said the transaction is part of its portfolio-optimisation strategy as it looks to monetise non-core assets and direct capital to higher-return projects. The company has also sold land in the Khalifa Economic Zones (KEZAD) to Mira Developments and two logistics warehouses in KEZAD to Aldar Properties in recent months.
Proceeds from the sales will be used to reduce leverage and support new investments. AD Ports reported net debt of AED 17 billion as of 30 September.
“This agreement with Alpha Dhabi reflects our commitment to intelligently managing our assets and strengthening our financial position,” said AD Ports Group CEO Mohamed Juma Al Shamisi. “We will continue to actively manage our portfolio to unlock and maximise value.”
Alpha Dhabi CEO Hamad Salem Al Ameri said the acquisition aligns with the company’s focus on “high-impact industrial verticals” that support Abu Dhabi’s diversification agenda.
Following the purchase, Alpha Dhabi’s stake in NMDC Group will rise to about 77%.