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The Abu Dhabi Securities Exchange announced that the Securities and Commodities Authority has officially approved the adoption of the first regulatory framework for companies established for acquisition and merger purposes in the Arab Gulf region, which will pave the way for their shares to be listed on the Abu Dhabi Financial Market this year.
The Abu Dhabi Securities Exchange and the Abu Dhabi Department of Economic Development worked on developing these regulatory frameworks, in cooperation with legal and investment specialists, in order to formulate regulations for companies established for the purposes of acquisition and merger, based on the American regulatory framework for companies established for the purposes of acquisition and merger as a standard in addition to the relevant international regulatory frameworks. . This framework will contribute to providing an attractive investment environment for international investors and providing them with broader prospects of unique growth opportunities. This regulatory framework will also include the regulations and provisions related to sponsors from outside the UAE to enable them to apply for approval to list their companies’ shares in the category of companies established for the purposes of acquisition and merger in the market. Abu Dhabi Securities.
The regulations of companies established for acquisition and merger purposes in the UAE are characterized by attractive incentives and an innovative share structure that ensures the smooth and efficient offering of private companies for initial public offering for sponsors. Sponsors will have to raise a minimum of 100 million dirhams in the initial public offering, and the units sold will include guarantees giving investors and sponsors the right to convert these units into shares. To protect investors, companies established for acquisition and merger purposes, upon completion of the IPO, must ensure that 90% of the proceeds are deposited into an interest-free account.
Mohammed Ali Al Shorafa Al Hammadi, Chairman of the Abu Dhabi Department of Economic Development, said: “The issuance of this regulatory framework underscores our commitment to being at the forefront of the innovation scene. The well-established regulations in Abu Dhabi, along with a stable and tax-free business environment, have created attractive opportunities for M&M corporate sponsors looking to go public with their companies. By providing a vibrant and supportive environment for capital, and by continuing to strengthen the bonds between investors and exporters, we are thus contributing to driving growth and promoting the diversification of Abu Dhabi’s economy. There is no doubt that the establishment of a strong financial services sector will attract a wide range of distinguished cadres and brilliant minds to start their businesses and investments and continue their lives from the UAE capital.
Hisham Malak, Chairman of the Board of Directors of the Abu Dhabi Securities Exchange, said: We are pleased to establish a regional center for companies established for the purposes of acquisition and merger in the Abu Dhabi Securities Exchange. The issuance of these regulations comes as a continuation of our efforts to implement our ambitious “ADX One” strategy by introducing a new set of pioneering products and services that meet the aspirations of investors, including covered short selling, securities lending and borrowing, market making, and exchange-traded funds. We intend to continue to support market listings and provide innovative investment tools.
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