Abu Dhabi – Mubasher: International Holdings Company (IHC) has formally approved the merger of its subsidiary Al Tamouh Investments with Al Qudra Holding.
Under the transaction, shares in Al Tamouh Investments will be transferred in return for unsecured mandatory convertible bonds issued by Al Qudra Holding, according to a recent press release.
In the meantime, the board of Al Qudra Holding, an Abu Dhabi-based investment holding company, has approved a foreign ownership limit of 30% of the company's outstanding shares.
The CEO and Managing Director of IHC, Syed Basar Shueb, said: "This transaction brings together two significant investment companies, active in major sectors across the region, including real estate and hospitality."
Meanwhile, the Chairman of Al Qudra Holding, Abdulla Bin Mohamed bin Butti Al Hamed, commented: "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."
It is noteworthy to mention that in early December, the board of IHC agreed on the sale and transfer of IHC entities' stakes in Al Tamouh Investments to Al Qudra Holding, which will issue mandatory convertible bonds with a total amount of AED 2.244 billion to IHC Real Estate Holding and IHC Companies Management.
