Abu Dhabi – Mubasher: ADNH Catering, part of Abu Dhabi National Hotels, plans to proceed with an initial public offering (IPO) to list its ordinary shares on the Abu Dhabi Securities Exchange (ADX).
ADNH Catering plans to float 900 million shares, representing 40% of its share capital, at a nominal value of AED 0.10 per share, according to a press release.
The subscription period will take place from 7 October to 14 October for UAE retail investors and eligible employees, while professional investors will have the time until 15 October 2024. Meanwhile, the offering price will be determined through a book-building process.
Khalaf Sultan Al Dhaheri, Chairman of ADNH Catering, commented: “Since 1979, ADNH Catering has been a core component of the growth of the UAE’s hospitality industry, partnering with government and private sector clients across food services and support services.”
Clive Cowley, CEO of ADNH Catering, said: “ADNH Catering is a market leader in the UAE with approximately 28% share of its addressable market and a diversified client base across five strategic sectors.”
