UAE's first Spac begins trading on ADX
ADC will look to acquire businesses in the UAE or the broader Mena region ADC Acquisition Corporation, the UAE’s first special purpose acquisition company (Spac) that seeks to acquire fast-growing technology companies, began trading on the Abu Dhabi Securities Exchange on Friday. The Spac, which was set up by Abu Dhabi-based holding company ADQ and private investment firm Chimera Investments, raised Dh367 million ($99.9m) through an initial public offering of 36.7 million shares at an offer price of Dh10 a share. ADC shares were trading at Dh10.80 at 1.30pm on Friday. “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 Mohamed Al Suwaidi, ADQ managing director and chief executive and ADC chairman. Along with supporting Abu Dhabi’s capital markets, private companies will also have the ability to capitalise to pursue further transactions easily and efficiently, he s...