Abu Dhabi’s ADQ will become the majority shareholder in Aramex following a successful voluntary tender offer, submitted by Q Logistics Holding, an ADQ subsidiary.
ADQ will hold a 58 per cent majority stake in the Middle East’s largest courier company, subject to the successful completion of the deal. This includes shares owned by Abu Dhabi Ports, which is also majority-owned by the Abu Dhabi-based investment and holding company, ADQ said on Tuesday.
AD Ports Group currently owns a 22.69 per cent stake in Aramex.
“As the majority shareholder in Aramex, we have plans to leverage our extensive track record of growing local companies into globally competitive market leaders for the benefit of Aramex and all its stakeholders,” said Mansour AlMulla, deputy group chief executive at ADQ.
In January, ADQ offered to fully acquire Aramex in a deal valuing the company at about Dh4.39 billion ($1.2 billion).
At the time of the announcement, ADQ’s offer price of Dh3 per share represented a 33 per cent premium over Aramex’s stock price of Dh2.31 on the Dubai Financial Market.
Aramex’s shares were trading 0.73 per cent higher at Dh2.78 at 10.26am UAE time on Tuesday.
ADQ said that under Securities and Commodities Authority (SCA) regulations, it can still accept shares from shareholders who did not participate in the initial offer period.
Shareholders must sell shares to ADQ at Dh3 per share by March 24, and that the final share acquisition numbers will be disclosed on March 28, ADQ said.
The offer to gain control of Aramex is the latest in a string of deals for ADQ, which is pushing to expand its local and international portfolio of assets.
With total assets worth $225 billion as of June 30, ADQ has shareholdings in more than 25 companies across sectors including energy, utilities, food and agriculture, health care, pharmaceuticals, mobility and logistics.
Companies in its portfolio include Abu Dhabi National Energy Company, better known as Taqa, Emirates Nuclear Energy Corporation and Abu Dhabi National Exhibitions Company.
ADQ also has a significant asset base in transport and logistics, including Abu Dhabi Ports, Etihad Airways, Abu Dhabi Airports, Etihad Rail, Wizz Air Abu Dhabi and Abu Dhabi Aviation.
Last month, ADQ and Vietnam’s State Capital Investment Corporation, a sovereign wealth fund, signed an initial agreement to explore investment opportunities in the South-East Asian country.
The organisations will partner to assess potential co-investment opportunities that support Vietnam’s economic ambitions and align with its strategic development objectives, state news agency Wam reported at the time.
UAE currency: the story behind the money in your pockets
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New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
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more from Janine di Giovanni
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
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