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

thenationalnews.com · 7h · first reportShare

Abu Dhabi’s sovereign investment vehicle L’imad is set to increase its stake in AD Ports Group to 98.5 per cent after meeting all conditions to acquire the global ports operator. L’imad, through its wholly owned subsidiary ADQ, already owns 75.42 per cent of AD Ports and launched a voluntary tender offer on August 18 to acquire the remaining issued and paid-up share capital. It offered Dh6.25 ($1.70) for each share it does not already own. At close of business on September 15, “ADQ has received acceptances representing in excess of 23.08 per cent” of share capital of AD Ports, it said in a bourse filing to the Abu Dhabi Securities Exchange, where AD Ports Group shares are traded. L'imad will boost its shareholding in AD Ports on settlement of the offer, no later than October 9, it said in a statement on Wednesday. The payment to AD Ports shareholders and the process of registration of company's shares in the name of ADQ will also be completed by October 9. “All conditions of the offer