ABU DHABI, (Pakistan Point News - 12th Dec, 2021) International Holding Company (IHC) has formally agreed the merger of its subsidiary Al Tamouh Investments with Al Qudra Holding.
The transaction will be completed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra Holding.
In parallel, the board of Directors of Al Qudra Holdings has approved a new foreign ownership limit of 30% of outstanding shares, subject to regulatory approvals. Previously, only UAE nationals were permitted to own shares in the company.
Syed Basar Shueb, CEO & Managing Director and Board Member of IHC, said: "This transaction brings together two significant investment companies, active in major sectors across the region, including real estate and hospitality. We believe this provides a solid financial and operational platform for further growth."
Abdulla Bin Mohamed Bin Butti Al Hamed, Chairman of Al Qudra Holding said: "We are pleased to be joining forces with Al Tamouh Investments through this transaction. We welcome IHC as a cornerstone investor to Al Qudra, while our decision to introduce the potential for foreign ownership paves the way for a widening of the shareholder base in future."
Based in Abu Dhabi, Tamouh is a real estate developer launched in 2007 with ambitious projects to shape the future of the capital. The company is a Primary developer of a number of key projects including Marina Square, the City of Lights, Fantasy Island, Meena Hotel and Towers, and the Royal Group Headquarters.
Al Qudra Holding PJSC operates as an investment holding company. Through its subsidiaries, Al Qudra focuses its investments and strategic partnerships in nationally essential sectors, such as oil and gas, banking and finance. As part of its diversification strategy, the company has investments in selected industries, such as real estate, services and hospitality.
