Abu Dhabi’s IHC approves property unit Al Tamouh’s merger with Al Qudra Holding – The National

Abu Dhabi’s IHC approves property unit Al Tamouh’s merger with Al Qudra Holding – The National

The board of Abu Dhabi’s International Holding Company formally agreed to merge IHC subsidiary Al Tamouh Investments with Al Qudra Holding, strengthening IHC’s hold in the property and hospitality sectors.

“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,” a statement issued on Sunday said.

The board of directors of Al Qudra Holdings also approved a new foreign ownership limit of 30 per cent of outstanding shares, subject to regulatory approval. Previously, IHC said, only UAE citizens were permitted to own shares in the company.