Askume, Sept 30 – Abu Dhabi National Hotels (ADNH) (ADNH.AD) said on Monday it will sell 40% of its shares in its food and beverage unit through an initial public offering (IPO) on the local stock exchange. The hotel has been listed and is expected to launch by next month.
ADNH Catering said in a statement that the purchase price will be determined through an enquiry process from October 7 to 15. All shares on offer will be sold by parent company ADNH.
The Gulf region has seen a surge in IPOs in recent years as governments such as Saudi Arabia and the United Arab Emirates seek to deepen capital markets and attract investment.
The Abu Dhabi National Hotel Group was founded in 1976 and owns the Ritz-Carlton Abu Dhabi, the Park Hyatt, and other hotels.
The Catering segment provides food, cleaning, support services and human resource provision and operates through joint ventures in the UAE and Saudi Arabia.
Citigroup and FAB have been appointed as joint global coordinators and joint bookrunners for the IPO, while Emirates NBD and ADCB have been appointed as joint bookrunners.
