Al Seer Marine announces completion of AD Ports stake sale

Al Seer Marine's board approved the cash offer at AED 6.25 per share.

Al Seer Marine Supplies and Equipment Co. (Al Seer Marine) announced the completion of the sale of its shares in AD Ports Group as part of the conditional voluntary cash offer made by L'IMAD Holding Company through its wholly owned subsidiary, Abu Dhabi Developmental Holding Company (ADQ).

In a statement, the company said its board of directors had approved accepting the offer at AED 6.25 per share.

It explained that following the completion of the required settlement procedures, the relevant shares were transferred to ADQ.

The company added that the financial impact of the transaction will be recognized in its financial statements for the relevant reporting period.

According to data compiled by Argaam, Al Seer Marine acquired a 7.36% stake or 375 million shares in AD Ports Group in 2022, for AED 1.2 billion. The company recently announced the sale of part of its investments in listed equities without disclosing the value of the sales or the gains realized.

In August, ADQ submitted a takeover offer for the AD Ports Group shares it did not already own, which at the time represented approximately 24.58% of the group's share capital, equivalent to around 1.25 billion shares, at AED 6.25 per share.

AD Ports Group's board of directors recommended that shareholders accept the offer, while the group announced last Tuesday that all key conditions related to the offer had been satisfied.