Al Qudra acquires Tamouh for 2.24 billion dirhams

Al Qudra acquires Tamouh for 2.24 billion dirhams
Al Qudra acquires Tamouh for 2.24 billion dirhams

Abu Dhabi – Mubasher: During its December 12th meeting, the general assembly of “Al Qudra Holding” will consider approving the company’s acquisition of “Al Tomooh Investments”.

It also discusses the approval of issuing mandatory convertible bonds with a total value of 2.24 billion dirhams to “IHC Real Estate Holding” and “IHC for Corporate Management” as all partners in Al Tamouh Investments Company as an acquisition price to be paid by the company to acquire a company The ambition for investments, according to a press release.

These bonds will be converted into 2.24 billion new shares in the company with a nominal value of 1 dirhams per share, and the capital will be increased to 5.5 billion dirhams. Within a period not exceeding one month from the date of the General Assembly meeting.

The General Assembly is also looking into approving the increase in the issued capital of the company from 3.26 billion dirhams to 5.5 billion dirhams, subject to the terms and conditions of the acquisition process and as of the date of its entry into force, in addition to approving the amendment of Article 6 of the company’s articles of association in implementation of the decision to increase its capital..

The net profit of Al Qudra Holding Company, which is listed on the Abu Dhabi secondary market, declined by 49 percent in the first half of 2020.

The company’s profits reached 40.4 million dirhams at the end of the first half of 2020, compared to 79.3 million dirhams in the first half of 2019..

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Source

Qudra acquires Tamouh billion dirhams

 
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