Deals
Abu Dhabi's Al Qudra Agrees to Buy Al Rayan, Will List Shares
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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.