Abu Dhabi's Al Qudra Agrees to Buy Al Rayan, Will List Sharesby
Al Qudra Holding PJSC, an Abu Dhabi-based real estate and investment company, agreed to buy Al Rayan Investment Co. for more than 1 billion dirhams ($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 4 billion dirhams, the company said Saturday 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 May 30, led by the Dept. of Finance and investment funds of First Abu Dhabi Bank, it said in the statement.
Shareholders at the April 26 annual meeting authorized 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 on high demand.” The shares will be listed in the fourth quarter, with First Abu Dhabi Bank handling the transaction, Al Qudra said.