Abu Dhabi’s ADQ offers to combine exhibitions co with ADNH

Abu Dhabi’s ADQ offers to combine exhibitions co with ADNH

DUBAI - Abu Dhabi state-owned ADQ said on Wednesday it submitted an offer to Abu Dhabi National Hotels Company (ADNH) to combine Abu Dhabi National Exhibitions Company (ADNEC) with the hotel firm. The combination would "create one of the largest hospitality, events, and catering powerhouses in the region," the holding company said in an statement via email. Upon completion, the combined group would have assets of around 20 billion UAE dirhams ($5.45 billion), it said. ADNH would issue to ADQ a convertible instrument that would convert into 1.221 billion ordinary shares in the capital of ADNH at a price of 3.93 dirhams per share. After the transaction is completed, ADQ will own roughly 54.98% of ADNH, it added. ($1 = 3.6729 UAE dirham) (Reporting by Hadeel Al Sayegh; editing by Uttaresh.V) (([email protected]; +971566883310;))