Abu Dhabi – Mubasher: Abu Dhabi National Hotels has reached an agreement with Compass Group International B.V. to acquire its entire stake of 50% in their JV entities operating in the UAE.
The ADX-listed company highlighted that the regulatory and legal formalities for the acquisition transaction are expected to be completed soon, according to a bourse filing.
This transaction is part of Abu Dhabi National Hotels’ strategic plan to boost its revenues and profit margins from key business segments. It is expected that the acquisition will result in an additional annual net profit of nearly AED 100 million.
In the January-December 2023 period, Abu Dhabi National Hotels posted higher net profits attributable to the shareholders at AED 422.42 million, compared to AED 415.40 million a year earlier.
Last month, the company’s general assembly greenlighted cash dividends valued at AED 240 million for 2023.
