Abu Dhabi, UAE: ADC Acquisition Corporation PJSC (“ADC”), the UAE’s first Special Purpose Acquisition Company (“SPAC”), established by ADQ and Chimera Investments, today announced that it has successfully completed its previously announced business combination with United Printing & Publishing Sole Proprietorship LLC ("UPP").  The transaction has received all requisite regulatory approvals. The completion of the transaction represents the first-ever successful SPAC merger in the region.

New shares of ADC issued as part of the PIPE transaction will be listed and will trade on the Abu Dhabi Securities Exchange (“ADX”) on 9 November 2023.

UPP is a leading Abu Dhabi-based secure printing, commercial printing, and last mile delivery business, with a recently launched packaging segment. ADC has raised AED 1.1 billion of growth capital, including AED 734 million from the previously announced PIPE transaction that was anchored by a diverse group of leading qualified and institutional investors. With this capital UPP is well positioned to pursue organic and inorganic growth opportunities regionally and internationally including those in the secure printing and packaging sectors, which are expected to benefit from structural growth and industry tailwinds.

Seif Fikry, CEO, ADC, commented: “The successful completion of the region’s first-ever SPAC merger is testament to the continued dynamism and vibrancy of Abu Dhabi’s capital markets and the attractiveness of this new route to public offerings for companies in the UAE. UPP’s long-standing market leadership and robust balance sheet, buoyed by the proceeds of this merger, leaves the business well positioned to drive growth.”

Ali Alnuaimi, CEO, UPP, commented: “The transition to a public company marks an inflection point in our company’s journey and will be a catalyst for the continued expansion and diversification of our business. Through our constant commitment to innovation and application of next-generation data security technologies, UPP has cemented its position as the region’s leading secure printing business. As a listed company, we will be able to accelerate our pursuit of organic and inorganic growth strategies. We thank our new shareholders for their trust and confidence in the prospects of our business and are committed to delivering long-term value.”

International Securities acted as lead placement agent and FAB acted as lead receiving bank for the PIPE transaction.

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About ADC Acquisition Corporation

ADC Acquisition Corporation PJSC was the first Special Purpose Acquisition Company (SPAC) to be listed in the UAE.

About UPP

Established in 2006 in Abu Dhabi, UAE, UPP is a leading company operating across three key segments: secure and commercial printing, distribution, and packaging. UPP has a strong track-record of utilizing best-in-class technology to create customized solutions for customers. Today, the company is expanding its services and capabilities in secure printing and packaging domains, further strengthening its position as an integrated services provider to customers including governments, enterprises and financial institutions.

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