Q Holding's Strategic Move: Acquiring Abu Dhabi Real Estate Titans ADQ and IHC

Q Holding's Strategic Move: Acquiring Abu Dhabi Real Estate Titans ADQ and IHC

By Staff Writer, 29 February 2024

In a significant development in Abu Dhabi's real estate sector, Q Holding, the prominent real estate development and investment firm, has finalized a major transaction with ADQ Real Estate and Hospitality (ADQ) and IHC Capital Holding (IHC).

This transaction marks the acquisition of 100 percent of the share capital across various industry organizations, further solidifying Q Holding's influence in Abu Dhabi's diverse real estate market.

The strategic maneuver coincides with Q Holding's preparation for a rebranding initiative, as it transitions into Modon Holding.

However, the official announcement of this rebranding will only follow after receiving approval from the company's shareholders.

As part of the deal, Q Holding has gained control over the share capital of several key entities, including the Abu Dhabi National Exhibitions Company (Adnec), Modon Properties, Miza Investments, Sahel 1 Restricted Limited, Sahel 2 Restricted Limited, and Oryx Action Restricted Limited, among other valuable real estate assets.

Under the terms of the transaction, Q Holding will issue a total of 25,627,000,000 mandatory convertible bonds, each with a nominal value of AED1.

ADQ will receive 17,087,770,000 bonds, while IHC will be allocated 8,539,230,000 bonds.

This allocation of bonds to ADQ and IHC will result in the creation of 6,328,803,704 and 3,162,677,778 new shares, respectively, in the company's share capital, based on a conversion ratio of 2.70 bonds for each share.

Following the completion of this transaction, Q Holding's share capital has surged to AED16,347,080,368.

This increase is attributed to the issuance of 9,491,481,482 new shares, each with a nominal value of AED1, to the aforementioned corporate entities.

Source: Trade Arabia

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