Abu Dhabi – Mubasher: AD Ports Group has completed the merger of KEZAD Communities and Al Eskan Al Jamae LLC (EAJ), according to a press release.
The merger led to the formation of Abu Dhabi’s biggest integrated staff accommodation company, in which AD Ports owns a 52% controlling majority stake.
Meanwhile, the combined entity holds an equity value of nearly AED 7 billion, making it one of the largest-of-kind businesses in the UAE.
The transaction, which was conducted through an equity share swap with no cash exchange, will reflect on the ADX-listed group's financials during the first quarter (Q1) of 2023.
It is worth noting that AD Ports unveiled the merger process last December.
In 2022, the UAE-based company logged net profits attributable to the shareholders worth AED 1.26 billion, an annual leap of 50% from AED 845.69 million.
Revenues hiked by 41% to AED 5.51 billion last year from AED 3.90 billion in 2021, while the basic and diluted earnings per share (EPS) increased by 16% to AED 0.26 from AED 0.22.
