Listing of Abu Dhabi’s first special purpose acquisition company

(MENAFN– Al-Bayan)

The Holding Company (ADQ), an investment holding company in the Emirate of Abu Dhabi, and Shemera Investment Company, a private investment company based in Abu Dhabi and managing a diversified investment portfolio of listed and unlisted shares in the local and international markets, announced the listing of ADC’s ​​shares and permissions. (ADC) to trade on the Abu Dhabi Securities Exchange under the (ADC) stock index and the (ADCW) stock index. ADC is the first special purpose acquisition company in Abu Dhabi.

The listing comes after the completion of the public offering on May 12, which targeted institutional and individual investors, where the company was able to raise a capital of 367 million dirhams through an initial public offering of a total of 36.7 million shares at an offer price of 10 dirhams per share.

Mohammed Hassan Al Suwaidi, Managing Director and CEO of “Holding” and Chairman of the Board of Directors of ADC, said: “The launch of the first special purpose acquisition company in the UAE is a testament to the unique position of Abu Dhabi, as a financial center based on solid foundations and characterized by high capacity. on raising capital investment.

He stressed that the company will strengthen the capital markets in Abu Dhabi, and will provide the opportunity for private companies to conduct transactions in an easier and more effective manner, pointing out that the company aims to enhance the investment environment in Abu Dhabi and contribute to making it a leading center to attract private companies wishing to list them in the capital markets.

Sayed Basr Shuaib, Chairman of the Board of Directors of Shemera Investment Company, Vice Chairman of the Board of Directors of ADC, said: “The successful listing of the company. The Abu Dhabi Securities Exchange supports the realization of the UAE’s vision and enhances its strategy to develop new financial tools to serve investors, and it comes as an affirmation of the company’s commitment to playing a leading role in the development of capital markets in the UAE.”

He added: “ADC will represent a new mechanism for pumping liquidity into regional companies, facilitating faster access to capital markets, and providing investors with the opportunity to benefit from a new space characterized by high dynamism in the capital markets in the UAE in parallel with benefiting from the More than transparency and management backed by operational expertise comparable to international levels and deep knowledge of the financial markets.

Saeed Al Dhaheri, Managing Director and CEO of the Abu Dhabi Securities Exchange, said: “The listing of EDC on the Abu Dhabi Securities Exchange reflects the pioneering role played by the market in creating an investment environment that meets the evolving needs of issuers and investors.”

first market

The Abu Dhabi Securities Exchange is the first market in the region to adopt a set of comprehensive regulations governing the work of special purpose acquisition companies, noting that the Commodities and Securities Authority issued the first regulatory framework for Special Purpose Acquisition Companies (SPAC) in February 2022.

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