AD Ports Group has announced that it has received a notification from L’IMAD Holding, a sovereign investor of the Government of Abu Dhabi, of its intention to submit a voluntary conditional cash offer, through its subsidiary Abu Dhabi Developmental Holding Company (ADQ), to acquire up to 100% of its issued and paid-up share capital not already held by ADQ.

L’IMAD, through ADQ, currently owns 75.42% of the stake in AD Ports Group.

The proposed offer price of AED6.25 per share represents a 23% premium to AD Ports Group's closing share price of AED5.1 on August 14, and premiums of 25% and 31% to its one-month and three-month volume-weighted average prices, respectively, said AD Ports Group in a statement.

The offer also represents a 95% premium to AD Ports Group's listing price of AED3.2 when the company listed on the Abu Dhabi Securities Exchange in February 2022.

The proposed transaction is subject to conditions and regulatory procedures under the Capital Market Authority's rules governing the acquisition and merger of public joint stock companies.

AD Ports Group said the matter would be presented to its board, with further announcements to be made on any material developments.