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.
L'imad through ADQ currently owns 75.42 per cent of 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 investors 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.
