Abu Dhabi's sovereign investor L’imad to boost its AD Ports stake to 98.5%

Abu Dhabi’s sovereign investment company, L’imad, is set to boost its ownership in AD Ports Group to 98.5% after fulfilling all requirements to purchase the global ports operator. The company, through its subsidiary ADQ, currently holds 75.42% of AD Ports and initiated a voluntary tender offer on August 18 to acquire the remaining shares.

ADQ offered Dh6.25 ($1.70) for each outstanding share it does not already own. By the close of business on September 15, "ADQ has received acceptances representing over 23.08% of AD Ports' share capital," according to a filing with the Abu Dhabi Securities Exchange. L’imad intends to increase its shareholding in AD Ports upon settlement of the offer, no later than October 9.

The payment to AD Ports shareholders and the registration of company shares in ADQ's name will also be finalized by October 9. "All conditions of the offer have been satisfied, except for the customary notifications required to be submitted to the Capital Market Authority and the Abu Dhabi Securities Exchange [ADX]," it stated. AD Ports operates approximately 40 terminals in the UAE and has a presence in nearly 50 markets worldwide.

This latest deal is part of L’imad's ongoing expansion of its investment portfolio in the UAE and internationally. In the past month, L’imad completed its acquisition of Taqa, previously holding 98.12% of its shares, securing 100% ownership. Taqa is currently awaiting regulatory approval to delist from the ADX. L’imad also maintains a significant stake in Abu Dhabi real estate developer Modon Holding.

On Tuesday, L’imad announced a partnership with Azerbaijan Investment Holding to explore joint investments in Azerbaijan and the broader Central Asia region, focusing on sectors such as industry, critical minerals, infrastructure, energy, and digital connectivity.