Abu Dhabi’s Al Qudra agrees to buy Al Rayan

The acquisition will involve issuing 210.4m new shares and boost Al Qudra’s assets

Al Qudra Holding, an Abu Dhabi-based real estate and investment company, agreed to buy Al Rayan Investment Co. for more than Dh1 billion ($272 million) in stock. Shareholders also approved listing Al Qudra shares in Abu Dhabi.

The acquisition will involve issuing 210.4 million new shares and boost Al Qudra’s assets to about Dh4 billion, the company said yesterday in an emailed statement.

Al Rayan Investment is based in Abu Dhabi, it said. The subscription for the new shares will be May 1 to 30, led by the Department of Finance and investment funds of First Abu Dhabi Bank.

Shareholders at the April 26 annual meeting authorised the board to list Al Qudra Holding shares on the Abu Dhabi stock market, the company said.

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 in high demand.”