International Holding Company (IHC), one of Abu Dhabi’s largest conglomerates, has formally agreed the merger of its subsidiary Al Tamouh Investments with Al Qudra Holding.
The transaction will be completed through the transfer of shares in Al Tamouh Investments in return for unsecured mandatory convertible bonds issued by Al Qudra Holding.
The board of directors of Al Qudra Holdings has also approved a new foreign ownership limit of 30 percent of outstanding shares, subject to regulatory approvals.
Previously, only UAE nationals were permitted to own shares in the company.
Syed Basar Shueb, CEO and managing director of IHC, said: “This transaction brings together two significant investment companies, active in major sectors across the region, including real estate and hospitality. We believe this provides a solid financial and operational platform for further growth.”
Abdulla Bin Mohamed Bin Butti Al Hamed, chairman of Al Qudra Holding said: “We are pleased to be joining forces with Al Tamouh Investments through this transaction. We welcome IHC as a cornerstone investor to Al Qudra, while our decision to introduce the potential for foreign ownership paves the way for a widening of the shareholder base in future.”
Based in Abu Dhabi, Tamouh is a real estate developer launched in 2007. The company is a primary developer of a number of key projects including Marina Square, the City of Lights, Fantasy Island, Meena Hotel and Towers, and the Royal Group Headquarters.
Al Qudra Holding operates as an investment holding company. Through its subsidiaries, it focuses its investments and strategic partnerships in nationally essential sectors, such as oil and gas, banking and finance.
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE and comprises more than 30 entities across a number of sectors including real estate, agriculture, healthcare, food and beverage, utilities, IT and communications and retail and leisure.
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