ADC Acquisition is offering a USD 142 mn capital increase to finance the company’s expansion plans, according to an ADX disclosure. ADC — which is also rebranding as E7 Group — is raising its issued share capital to AED 524.8 mn from AED 499.81 mn by issuing mandatory convertible bonds worth AED 25 mn. These bonds will convert to 10 mn new shares valued at AED 2.5 each. These new shares will then be sold to ADC through the ADX, becoming treasury shares.

The company will also expand its activities to include printing and publishing, according to the disclosure. ADC initiated a merger with Abu Dhabi’s United Printing & Publishing (UPP), last September.

About ADC: The company is the UAE’s first special purpose acquisition company (SPAC) and was set up via a partnership between ADQ and Chimera Investment, Zawya reports. Read more about SPACs in our explainer here

IN OTHER CAPITAL MARKET NEWS-

E.ON subsidiary Seagrass Limited launched a carbon market in the ADGM,facilitating the trade of environmental instruments after receiving its FSRA license, according to a press release. The marketplace connects buyers of credit from energy, industrial, transportation, and financial services sectors with credits from certified projects, offering regulated carbon credit exchange and clearing services via AirCarbon Exchange (ACX). The Seagrass Carbon Map lets users track ongoing environmental, economic, and project data.

The initiative comes after ACX rolled out a biodiesel and SAF trading platform on the ADGM last Tuesday.

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