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The UAE’s ADNH Catering PLC has signed an agreement to increase its stake to 50% in its Saudi JV, Compass Arabia.
ADNH Catering, which listed on the Abu Dhabi Securities Exchange earlier this year following an IPO, currently holds 30% in Compass Arabia, which was set up in 2012.
Upon completion of the transaction, which is expected to occur in Q1 2025, ADNH Catering will hold the controlling stake in the JV, alongside Al-Rushaid Petroleum Investment Company, which will hold the remaining 50% equity stake.
“We are seeking to build out from our market-leading position in the UAE to expand ADNH Catering Group’s operations across various business segments and provinces in the kingdom, including Riyadh,” said Clive Cowley, CEO of ADNH Catering Group.
The JV will soon be rebranded as soon as Compass fully exits.
In March this year, the parent company Abu Dhabi National Hotels, bought out Compass Group International in their UAE JV ADNH Compass, one of the UK’s Top 30 FTSE-listed businesses.
(Writing by Brinda Darasha; editing by Seban Scaria)
