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ADNH plans to issue 900,000,000 shares with a nominal value of AED 0.10 a share on the Abu Dhabi Securities. Image courtesy: ADNH Catering
Abu Dhabi National Hotels’ subsidiary ADNH Catering aims to increase its equity share in food services company Compass Arabia from 30% to 50%, as it looks to further cash in on the Saudi Arabian market.
The acquisition is part of the company’s strategic plan to expand its reach in the region.
The food and support services provider in the UAE confirmed the new investment barely a month after making its debut on the Abu Dhabi Securities Exchange (ADX).
ADNH’s unit, with a market capitalisation at listing of around $588 million, recently raised AED 864 million ($235 million) from its initial public offering (IPO).
Compass Arabia offers catering, food distribution, logistics, housekeeping and laundry services.
(Writing by Cleofe Maceda; editing by Seban Scaria)
