ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investment, an Abu Dhabi-based private investment firm managing a diversified portfolio of listed and unlisted equities on both local and international markets, announced on Friday that shares and warrants of the co-established special-purpose acquisition company, ADC Acquisition Corporation (ADC), commences trading on the Abu Dhabi Securities Exchange (ADX) under ticker code ‘ADC’ (shares) and ‘ADCW’ (warrants).

Trading follows the conclusion of ADC’s public subscription to retail and professional investors, which started on May 12 and raised a total of Dhs367 million through an initial public offering (IPO) of 36.7 million shares at an offer price of Dhs10 per share.

ADC was established by ADQ and Chimera Investment as a special-purpose acquisition company (SPAC) to identify and acquire one or more businesses.

In its search for acquisition opportunities, ADC intends to identify scalable businesses with strong management teams.

The listing of ADC offers target businesses the opportunity to access capital in Abu Dhabi’s capital markets using an alternative method to the conventional IPO process. These companies will also benefit from ADQ and Chimera Investment’s vast multi-sector expertise and combined network.

Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ and Chairman of ADC, said, “The UAE’s first special-purpose acquisition company (SPAC) represents a major endorsement of Abu Dhabi as a financial centre anchored with strong market principles and capital-raising potential.

Not only will ADC strengthen Abu Dhabi’s capital markets, but private companies will also have the ability to capitalise on pursuing further transactions in an easier and much more efficient manner.

“Ultimately, we aim to enhance the business environment in Abu Dhabi and contribute to establishing the UAE’s capital as a leading hub for private companies seeking to go public.” Syed Basar Shueb, Chairman of Chimera Investment and Vice Chairman of ADC, commented, “Through ADC, we will be able to channel liquidity to regional businesses, provide swift and cheaper access to capital markets, and offer investors the ability to tap into this new and highly dynamic space in the UAE while enjoying greater transparency and world-class operational and market expertise.”

Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said, “The listing of ADC on the ADX highlights the pioneering role our exchange has taken in creating an environment that supports the evolving needs of issuers and investors. Harnessing global best practices, the UAE’s SPAC regulatory framework will provide international investors with unique growth opportunities in a stable economic environment. Our pipeline of new listings and IPOs remains robust, and in the coming months, we will be introducing more innovative products and services to enhance market liquidity.”

As the UAE’s first SPAC, ADC aims to focus on businesses that are based or have their main operations within the UAE and across the Middle East and North Africa (Mena) region. While ADC is open to pursuing an acquisition opportunity across industries and sectors, the SPAC will particularly look for scalable businesses with revenue streams that are underpinned by numerous growth drivers with solid long-term fundamentals, transformational technologies, experienced management teams and attractive pricing, which would provide upside potential and benefit from public market access.

ADX was the first market in the region to introduce comprehensive listing rules under the regulatory framework for SPAC, which was issued by the UAE’s Securities and Commodities Authority (SCA) in February 2022.

Earlier this month the ADQ has signed an investment partnership agreement with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI), the Sovereign Fund-of-Funds of Greece, to fund investments worth 4 billion euro across multiple sectors and asset classes of the Greek economy.

The event took place in Abu Dhabi in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Kyriakos Mitsotakis, Prime Minister of Greece. The exchange of agreement was between Konstantinos Fragkogiannis, Deputy Minister of Economic Diplomacy and Openness at the Greek Ministry of Foreign Affairs; Ioannis Tsakiris, Deputy Minister for Development & Investments; and Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ.

The agreement underscores the growing economic ties between the two countries and will drive significant investor interest in Greece. The three parties will invest individually and jointly, across target sectors including renewable energy, infrastructure, agriculture, technology, healthcare and life sciences, amongst others.

Ioannis Tsakiris commented, “Greece and the UAE continue to forge strong and strategic partnerships underpinned by investments that provide growth opportunities for both nations.

WAM