Abu Dhabi's L’imad Set to Raise AD Ports Stake to 98.5% After Successful Offer

Abu Dhabi’s sovereign investment vehicle L’imad is preparing to increase its stake in AD Ports Group to 98.5 per cent after successfully fulfilling all conditions to acquire the global ports operator.

Operating through its wholly owned subsidiary ADQ, L’imad previously held a 75.42 per cent share in AD Ports. It initiated a voluntary tender offer on August 18 to purchase the remaining issued and paid-up share capital, proposing Dh6.25 ($1.70) for each share it did not currently own.

As of the market close on September 15, ADQ secured acceptances surpassing 23.08 per cent of the share capital of AD Ports, according to an official bourse filing submitted to the Abu Dhabi Securities Exchange.

L'imad will officially increase its shareholding upon the settlement of the offer, which is scheduled for no later than October 9. The disbursement of payments to AD Ports shareholders and the formal registration of the company's shares under ADQ will also conclude by October 9.

All necessary conditions for the offer have been met, with the exception of standard notifications pending submission to the Capital Market Authority and the Abu Dhabi Securities Exchange.

AD Ports manages approximately 40 terminals across the UAE and maintains operations in nearly 50 markets worldwide. The company operates as a key component of L’imad’s ports and logistics platform, which also incorporates major assets such as Etihad Rail and Aramex.

This latest transaction coincides with the ongoing expansion of L’imad's domestic and international investment portfolio. Last month, L’imad finalized the acquisition of the remaining shares in Abu Dhabi National Energy Company, also known as Taqa, via its subsidiary Abu Dhabi Power Corporation, thereby elevating its ownership from 98.12 per cent to 100 per cent. Taqa is currently pending regulatory clearance to delist from the Abu Dhabi Securities Exchange. Additionally, L’imad holds a significant stake in Abu Dhabi real estate developer Modon Holding.

On Tuesday, L'imad announced a partnership with Azerbaijan Investment Holding to pursue collaborative investment opportunities within Azerbaijan and the broader Central Asia region. Both partners are currently investigating prospective investments across multiple sectors, including industry, critical minerals, supply chains, urban and transport infrastructure, energy, and digital connectivity.