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