Abu Dhabi special acquisition firm begins trading on stock exchange
- Date: 27-May-2022
- Source: Al-Monitor
- Sector:Financial Markets
- Country:UAE
Abu Dhabi special acquisition firm begins trading on stock exchange
A joint stock from two Emirati investment firms began trading on the Abu Dhabi stock exchange today.
ADC Acquisition Corporation is a Special Purpose Acquisition Company founded by the Abu Dhabi Developmental Holding Company (ADQ) and the Abu Dhabi-based Chimera Investment. It began trading today on the Abu Dhabi Securities Exchange under the ticker “ADC.” The listing followed ADC selling around $100 million in shares at a price of $2.72 per share to private investors beginning May 12, the official Emirates News Agency reported today.
“The UAE's first SPAC represents a major endorsement of Abu Dhabi as a financial centre anchored with strong market principles and capital-raising potential,” said ADQ CEO Mohamed Hassan Alsuwaidi, according to the agency.
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