The acquisition will allow IHC to broaden its portfolio of assets in the real estate, services and hospitality sectors, it said in a statement to the ADX
International Holding Company (IHC) has taken a controlling stake in Abu Dhabi-based investment company Al Qudra Holding, as it continues to expand its portfolio of investments.
The acquisition will allow IHC to broaden its portfolio of assets in the real estate, services and hospitality sectors, it said in a statement on Monday to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.
Chief executive and managing director of IHC, Syed Basar Shueb, said: The acquisition comes in line with this year’s disclosed IHC investment plan across several sectors, including the real estate area, which will create immediate growth and value to our shareholders.
Al Qudra Holding has built a large portfolio since it began operations in 2005, including Manarah Bay, a multi-use project spread across nearly 52,000 square metres, in Abu Dhabi and Barary Ain Al Fayda Development in Al Ain, which includes 2,500 residential units.
The company currently has over 12 subsidiaries across real estate, services, hospitality, investments, banking, finance and oil and gas sectors.
The transaction was executed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra, whose board also approved a new foreign ownership limit of 30 per cent of outstanding shares, subject to regulatory approval, IHC said at the time.
Al Qudra chairman Abdulla bin Butti Al Hamed said: Al Qudra Holding is at a very exciting juncture in its history, with IHC being a majority shareholder, we are well-positioned to accelerate and further strengthen Al Qudra’s ongoing projects in all areas.
He said: To date, the company has put forward unique investment opportunities and facilitated the development of various projects that meet the local and regional market needs.
