Al Qudra to Purchase Al Rayan Investment for Dh1b

Al Qudra Holding, an Abu Dhabi-based investment company, is going to acquire 100 per cent share of Al Rayan Investment for Dh1 billion. The deal will be closed through a share swap for Al Qudra shares by issuing 210.4 million new shares which will increase its existing share base from 600 million shares to 810.4 million.

With this acquisition, the company will have total assets worth Dh4 billion. The acquisition procedure will be led by the Department of Finance and First Abu Dhabi Bank, an official registrar of shareholder Al Qudra.

Apart from this, the company is going to raise about Dh250 million by issuing a convertible bond which offers a guaranteed annual coupon. The bonds will be listed on Abu Dhabi Securities Exchange to be traded on the secondary market.

“This growth is a testament to our commitment to remain a preferred investment partner as we continue to steadily work towards our objectives,” says Khalifa Yousef Al Khouri, Vice-chairman, Al Qudra.

Source: TheNational

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