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FILTERED RESULTS
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Fed’s Bowman says overhaul of bank stress test will make process more transparent
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Federal Supervisors Criticized for Slow Response to Silicon Valley Bank Risks
Treasuries Fall as Fed Rate-Hike Outlook Dents Sentiment
New SVB Review Finds Fed Missed Repeated Warnings
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ECB President Lagarde Intervenes Against Binance's MiCA License in Greece
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Greece stocks lower at close of trade; Athens General Composite down 0.98%
EU banks must be bigger, have deeper capital market, to compete with US, say top EU officials
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U.S. Congressman Advocates for Congressional Oversight of AI Without New Regulations
U.S. Federal Reserve Official Addresses Supervision Delays
Stocks Fall as Fed-Hike Bets Boost Treasury Yields: Markets Wrap
Microsoft technical analysis: short-term bearish but bullish longer-term
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Wall St slips as higher Treasury yields weigh on sentiment
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L’imad unit gains 100% stake in AD Ports
ADQ, a unit of Abu Dhabi wealth fund L’imad, has met the terms of a cash offer to acquire 100 percent of AD Ports Group, the maritime infrastructure operator said.
The AD Ports board last month recommended shareholders accept ADQ’s offer of AED6.25 ($1.70) per share. The price represents a 23 percent premium to the August 14 close.
“Except for the customary notifications required to be submitted to the Capital Market Authority and the Abu Dhabi Securities Exchange (ADX), all other conditions of the offer have been satisfied,” AD Ports said in a statement.
The share transfer will take place before October 9.
AD Ports appointed HSBC on August 21 to carry out a financial analysis of the offer, three days after receiving it.
The company listed its shares on the ADX on February 7, 2022, at AED3.2 apiece. Its stock closed at AED6.04 on August 26, up nearly 27 percent so far this year.
According to AGBI calculations, ADQ will pay an estimated AED7.8 billion to acquire the remaining stake.
L’imad’s ports and logistics platform includes assets such as Etihad Rail Company and Aramex.
Abu Dhabi National Energy Company (Taqa) was delisted from the emirate’s bourse as of September 1 after Abu Dhabi Power Corporation, a subsidiary of L’imad, acquired a 100 percent stake in Taqa last month.
Further reading:
- L’imad unit seeks to increase stake in AD Ports to 100%
- L’imad defines its place in Abu Dhabi Inc
- UAE accelerates switch to ‘zero Hormuz’ shipping routes
Source: AGBI