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Abu Dhabi's AD Ports Group said it has completed the merger of KEZAD Communities with Al Eskan Al Jamae LLC (EAJ), creating an entity with an equity value of 7 billion dirhams ($1.9 billion)
The merger has resulted in the creation of Abu Dhabi’s largest integrated staff accommodation company in which AD Ports Group retains a 52% controlling majority stake, AD Ports said in a filing on Monday to the Abu Dhabi Securities Exchange (ADX), where its shares trade.
The transaction was conducted through an equity share swap with no cash exchange
First announced in December last year, the merger will be fully consolidated in AD Ports Group financials for the full quarter in Q1 2023, the port operator and logistics company said.
(Writing by Brinda Darasha; editing by Daniel Luiz)
