AD Ports Group announced it had appointed a new chief executive Monday as its largest shareholder pursued the remaining shares, linking a management change with a proposed ownership shift.
In its Nov. 2 announcement, the company named Dr. Afif Saif Al Yafei as group chief executive. He previously led TAQA Transmission and was selected to succeed Captain Mohamed Juma Al Shamisi, who had led the group since 2014. AD Ports cited Al Yafei’s career of more than 20 years in infrastructure, utilities and industry, including senior roles at Tabreed and ADNOC Gas. AD Ports Group Chairman Shadi Malak said Al Yafei brings “extensive experience leading major infrastructure and industrial businesses.”
Company figures put AD Ports’ terminal count at 40 and its geographic footprint at more than 50 countries on five continents. The group listed on the Abu Dhabi Securities Exchange (ADX) in February 2022, according to its investor FAQ.
Abu Dhabi Developmental Holding Company PJSC (ADQ) said it held 98.93% of AD Ports after its voluntary offer closed Sept. 15. ADQ intends to acquire the remaining shares for AED 6.25 each, matching the price of its earlier offer, according to a notice filed with the exchange.
The notice says completion depends on an amendment to AD Ports’ articles of association and regulatory approval. The proposed changes would permit a compulsory acquisition and authorize delisting if ADQ becomes the sole shareholder. AD Ports had scheduled a shareholder vote on the amendments for Oct. 28 at 7 a.m. ET (11:00 UTC); the vote’s outcome is unverified.
