Image courtesy: Didier Marti/ Getty Images
Abu Dhabi’s United Printing & Publishing (UPP) has rebranded to E7 Group (E7) following its listing on the local bourse via the first-ever special purpose acquisition company (SPAC) merger in the UAE.
The listing on the Abu Dhabi Securities Exchange (ADX) marks a significant milestone in the company’s journey after it entered into the high-growth sustainable packaging segment in 2022 and its global expansion in the high-value security solutions segment.
The company has expanded its global footprint across the Middle East, Central and South Asia, Europe and South America.
“With the backing of an expanded and diverse shareholder base, we have an opportunity to invest in the growth of our business by expanding our technological capabilities and product offerings and explore opportunities for further regional expansion,” said Ali Saif Ali Abdulla Alnuaimi, CEO of E7 Group.
Alnuaimi said the company is well-positioned to cater to increasing regional and global demand.
The new brand identity ‘E7’ combines ‘Emirates’ and ‘7’ and is inspired by the UAE’s unity and future-facing strategy.
E7 Group’s listing on ADX
Meanwhile, ADQ-backed E7 was listed in Abu Dhabi in November after its merger with ADC Acquisition Corporation, the Middle East region’s first or blank-cheque firm.
The SPAC raised Dhs1.1bn of growth capital, including Dhs734m from the previously announced PIPE transaction.
E7, the Abu Dhabi-based identification card printing firm, said it will use the listing proceeds to pursue organic and inorganic growth opportunities regionally and internationally.
The printing firm seeks to secure printing and packaging sectors, which are expected to benefit from structural growth and industry tailwinds.
ADQ will remain the single largest shareholder in the combined company, post-merger.
The SPAC merger is expected to accelerate the company’s growth strategy and capture a large market share by leveraging its brand, customer base, and the strength of its ecosystem.