By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) has seen a very fruitful month during January, with the general index recording its highest level in over four years, rising 129.8 points, or 2.66%, to 5,044.85 points.
Such growth stemmed, partially, from the merger between Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB), MindCraft Consultants’ CEO Fadi Al Ghattis told Mubasher.
Earlier in January, Abu Dhabi Commercial Bank (ADCB) announced that the UAE was to see a powerful new banking group after its merger with Union National Bank (UNB) and together acquiring Al Hilal Bank.
Al Hilal Bank, which is 100% owned by the Government of Abu Dhabi, through the Abu Dhabi Investment Council (ADIC), will be acquired for a consideration of approximately AED 1 billion by issuing a mandatory convertible note for up to 117,647,058 post-merger ADCB shares to ADIC after the completion of the statutory merger.
Al Ghattis stressed that the ADX was still enjoying powerful incentives that could lure new capital in the coming period.
Over the course of the previous month, ADCB topped the market’s gainers, levelling up 14.6%, while UNB surged 10.8% and Abu Dhabi Islamic Bank (ADIB) gained 10.9%. Also, Asmak rose 5.5%.
On the other hand, Taqa dropped 15%, while Dana Gas retreated 7%.
Translated by: Muhammad Khalid
