Al Qu­dra to buy Al Rayan for 1b dirhams, will list shares

New Straits Times - - Business -

ABU DHABI: Al Qu­dra Hold­ing PJSC, a real es­tate and in­vest­ment com­pany, agreed to buy Al Rayan In­vest­ment Co for more than one bil­lion dirhams (RM1.18 bil­lion) in stock. Share­hold­ers also ap­proved list­ing Al Qu­dra shares, here.

The ac­qui­si­tion would in­volve is­su­ing 210.4 mil­lion new shares and boost Al Qu­dra’s as­sets to about four bil­lion dirhams, said the com­pany on Satur­day in an emailed state­ment.

The sub­scrip­tion for the new shares would be from to­day to May 30, led by the de­part­ment of fi­nance and in­vest­ment funds of First Abu Dhabi Bank, it said in the state­ment.

Share­hold­ers at Wed­nes­day’s an­nual meet­ing au­tho­rised the board to list Al Qu­dra Hold­ing shares on the Abu Dhabi stock mar­ket, said the com­pany.

The list­ing will al­low the shares to be traded “in an or­derly and trans­par­ent man­ner to re­flect the fair value of the shares that are on high de­mand”.

The shares would be listed in the fourth quar­ter, with First Abu Dhabi Bank han­dling the trans­ac­tion, said Al Qu­dra. Bloomberg

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