Thursday, October 12, 2023 – 8:48 pm
Abu Dhabi, 12 October / WAM / ADC Corporation, the first special purpose acquisition company in the UAE that was established under a partnership between ADQ and Chimera Investment, today announced the approval of its general assembly to merge with… United Printing and Publishing Company Limited, as well as the private investment deal in public shares that was previously announced on September 19.
At the general assembly meeting, EDC Corporation shareholders agreed to issue 62.3 million new Class A shares at an issue price of 10 dirhams per share to the “Holding” company ADQ in exchange for the “Holding” transferring all shares of the issued capital of UPP to EDC. Corporation. The new shares will be issued at a price of AED 10.00 per share and a nominal value of AED 2.50 per share, and will be fully paid up.
The building of the book of subscription orders for private investments in public shares was completed on October 3, and EDC Corporation is scheduled to issue 73.4 million new Class A shares at a price of 10 dirhams per share to subscribers of private investments in public shares.
United Printing and Publishing will have 1.1 billion dirhams of cash available through the special purpose acquisition company and funds through private investments. These revenues will be used to support UPP’s organic and inorganic growth opportunities.
Ahmed Al-Boutli/Rami Samih
2023-10-12 16:51:12
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