Abu Dhabi Sovereign Fund L'imad Bids for Full Ownership of AD Ports Group in Major Logistics Expansion

Abu Dhabi sovereign fund L'imad is making a bid to acquire 100 per cent shares of AD Ports Group which it already does not own as it looks to expands its ports and logistics portfolio.

L'imad has announced the intention to make a voluntary conditional cash 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 in a statement on Monday.

L'imad through ADQ currently own 75.42 per cent of the AD Ports Group's shares. The Offer price of Dh6.25 ($1.70) per share represents a 23 per cent premium over the last closing price of Dh5.10 on the Abu Dhabi Securities Exchange, where AD Ports Group shares are traded.

The offer available to investors is 25 per cent and 31 per cent higher than the one-month and three-month volume weighted average price of Dh5.02 and Dh4.76, respectively, L'imad said.

ADQ's offer to investor is 95 per cent higher than the Dh3.20 per share initial public offering subscription price ahead of AD Ports Group's listing on the ADX in February 2022.

"The offer gives AD Ports Group shareholders an attractive opportunity to realise certain and immediate value," L'imad said.