ADQ and Chimera Capital set up Abu Dhabi's first SPAC

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A general view of the Abu Dhabi skyline is seen, December 15, 2009. REUTERS/Ahmed Jadallah

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DUBAI, April 12 (Reuters) - Abu Dhabi state holding firm ADQ and investment firm Chimera Capital have set up a blank-check company that will raise 367 million dirhams ($99.93 million) and list in the capital, according to a statement on Tuesday.

The United Arab Emirates' Securities and Commodities Authority in January approved a regulatory framework for blank-check firms, more commonly known as special purpose acquisition companies (SPACs). read more

SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.

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ADC Acquisition Corporation, the SPAC, will sell 36.7 million shares to investors at an offer price of 10 dirhams, which will be listed on the Abu Dhabi Securities Exchange, ADQ and Chimera Capital said in a statement. They did not provide information on the timing of the deal.

ADC will be tasked with identifying and combining one or more businesses, the statement said.

($1 = 3.6726 UAE dirham)

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Reporting by Hadeel Al Sayegh Editing by Bernadette Baum

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