L'imad announces intention to acquire 100% shares of AD Ports Group
Abu Dhabi sovereign fund L'imad is making a bid to acquire 100 per cent shares of AD Ports Group as it looks to expand its ports and logistics portfolio. L'imad has announced the intention to make a voluntary conditional cash offer for the entire share capital of the AD Ports Group through its wholly owned subsidiary ADQ , the sovereign investment arm of the Abu Dhabi government said on Monday.…
The Abu Dhabi sovereign fund L imad intends to acquire full ownership of AD Ports Group, aiming to broaden its ports and logistics portfolio. The sovereign investment arm, ADQ, currently holds a 75.42% stake in AD Ports Group. L imad's bid offers 6.25 Dh ($1.70) per share, a 23% premium above the latest closing price of 5.10 Dh on the Abu Dhabi Securities Exchange.
This bid is 25% and 31% higher than the monthly and quarterly weighted average prices of 5.02 Dh and 4.76 Dh, respectively. Notably, ADQ's offer is 95% higher than the initial public offering subscription price of 3.20 Dh, set before AD Ports Group's listing on the ADX in February 2022. L imad asserts that the offer provides AD Ports Group's shareholders with a valuable opportunity to realize immediate benefits.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
