ADQ seeks to increase stake in AD Ports to 100%

Abu Dhabi Developmental Holding (ADQ) is seeking to increase its shareholding in Abu Dhabi Ports Company to 100 percent through a voluntary conditional cash offer. ADQ, a unit of L’imad , an Abu Dhabi sovereign investment holding company, holds 75.42 percent of the Abu Dhabi-listed ports operator. AD Ports listed its shares on the Abu Dhabi Securities Exchange (ADX) on February 7, 2022, at AED3.2 ($0.87) per share. The shares closed 2.5 percent lower at AED5.1 on August 14, but are up 10 percent so far this year. Shareholders who accept the offer will receive AED6.25 in cash, a 23 percent premium to the August 14 closing price. According to AGBI calculations, ADQ will pay an estimated AED7.8 billion ($2.1 billion) to acquire the remaining stake. In its offer statement, L’imad said it expects AD Ports’ growth journey to be “complex, capital intensive and long-term in nature”, requiring equity raises that would burden its balance sheet. “This may not align with the short- to medium-term expectations of public market investors,” according to the offer statement published on the ADX. L’imad also said that new acquisitions could constrain AD Ports’ capacity to distribute dividends in an increasingly challenging and capital-intensive environment. Further reading: Cargo rerouting helps AD Ports mitigate war disruption L’imad defines its place in Abu Dhabi Inc UAE accelerates switch to ‘zero Hormuz’ shipping routes Acquiring the remaining shares will enable AD Ports to continue its capital investment programmes, strategic acquisitions and operational transformation initiatives without funding constraints or short-term return expectations, the statement said. ADQ has sufficient resources to pay the cash consideration, L’imad said. L’imad’s ports and logistics platform includes assets such as Etihad Rail Company and Aramex. This month, AD Ports said revenue rose 47 percent year on year to more than AED7 billion in the second quarter of 2026. Half-yearly revenue was up 36 percent. Net profit climbed 88 percent and 64 percent in the second quarter and first half of 2026, supported by a high Ebitda margin.