Abu Dhabi Aviation appoints a resident for the assets of the Holding Company (ADQ) offered for merger

Abu Dhabi: «The Gulf»
The board of directors of “Abu Dhabi Aviation” has assigned its board of directors to the executive management to appoint an independent evaluator to conduct a detailed evaluation and study of the legal and financial aspect of the assets offered for merger by ADQ AVIATION, a subsidiary of the “Holding” (ADQ), while the evaluation results will be presented to the company’s board of directors following finished.
The company said in a disclosure to the Abu Dhabi Securities Exchange that the board of directors discussed the offer submitted by ADQ AVIATION regarding the transfer of some of its assets to Abu Dhabi Aviation, which includes three companies.
ADQ made an offer to Abu Dhabi Aviation, which includes merging its 100% stakes in Amerc and Etihad Airways Engineering, in addition to its 50% stake in the capital of Global Aerospace Logistics (GAL). ; This is to establish a global center in the aircraft maintenance and repair sector, which enjoys high competitiveness, enabling it to reach global markets, and build commercial relationships with major aircraft manufacturers in the world.
Upon completion of the transaction, Abu Dhabi Aviation will issue convertible bonds for shares in favor of the “Holding” (ADQ), with a total of 652 million ordinary shares in the capital; Where the price of one share was set at 6.14 dirhams (total more than 4 billion dirhams), which will give the “Holding” (ADQ) 59% of the total issued capital of Abu Dhabi Aviation Company, while the equity of Abu Dhabi Aviation was estimated at the equivalent of 2.7 billion dirhams.
The total assets of the consolidated group will amount to regarding 9.4 billion dirhams (regarding 2.6 billion dollars); It will include a wide range of aircraft, aircraft maintenance centers and aircraft hangars.