2023-11-22 13:38:52
Hossam Abdelnaby (Abu Dhabi)
The Board of Directors of Q Holding Company approved the company’s acquisition of all shares of ADC Q Real Estate and Hotel Investments and IHC Capital Holding Company in Modon Real Estate Company.
During its electronic meeting, the Council also approved the acquisition of all shares of “ADCQ Real Estate and Hotel Investments” in 5 targeted companies: “Abu Dhabi National Exhibitions”, “Meza Investments”, “Coast 1 Restricted Limited”, and “Coast 2 Restricted Limited”. , and “ORYX Action Restricted Limited”, in addition to a number of specific plots of land.
According to a statement from the Abu Dhabi Securities Market regarding the results of the company’s Board of Directors meeting, the Board approved the issuance of 25.627 billion bonds that must be converted into shares with a nominal value of one dirham per bond.
The bonds are divided into 17.08 bonds, which are mandatory to be converted into shares, with a nominal value of one dirham for each bond, to ADQ Real Estate and Hotel Investments Company or any of the companies affiliated with Abu Dhabi Developmental Holding Company, and will be converted into 6.328 billion new shares in the company.
8.539 billion bonds, which are mandatory to be converted into shares, with a value of one dirham for each bond, will be issued to IHC Capital Holding Company or any of the companies affiliated with the International Holding Company, and they will be converted into regarding 3.162 billion new shares in the company. The statement issued by The company’s Board of Directors approved the conversion of bonds into shares at a conversion price of 2.7 dirhams per bond and to increase the capital from 6.855 billion dirhams to 16.347 billion dirhams, by issuing regarding 9.49 billion shares with a nominal value of one dirham per share, for the benefit of ADQ Real Estate and Hotel Investments Company and I. HC Capital Holding or any of their subsidiaries, related, allied or sister companies, as determined by the two parties, as consideration for the acquisition of the target companies and the aforementioned assets.
The statement indicated the approval of the Board of Directors of “Q Holding” on the draft agreement for the sale and purchase of shares and lands to be concluded between the company and the sellers, noting the invitation of “Q Holding” Company to the General Assembly to convene on Tuesday, November 28, 2023, or any other date approved by the Ministry of Economy to consider the decisions of the Board of Directors. Management regarding acquisitions, bond issuances and capital raisings.
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