Real estate firm Q Holding said its board approved to acquire the list of companies and assets including stakes in Modon Properties and Abu Dhabi National Exhibitions Co (ADNEC) through issue of convertible bonds in an AED 25.6 billion ($6.9 billion) deal.
Q’s board, on Tuesday, agreed to acquire the entire shareholding of ADQ Real Estate and Hospitality Investments in Modon Properties PJSC, as well as ADQ subsidiary’s shareholding in ADNEC.
The board also approved the deal to acquire the plots of land, however, the exact locations were not specified in a disclosure to Abu Dhabi Securities Exchange (ADX).
The board approved to issue over 17 billion convertible bonds with a nominal value of AED 1 to ADQ Real Estate and Hospitality Investments convertible into 6.33 billion new shares in the capital of Q Holding, and over 8.54 billion convertible bonds with the same nominal value to IHC Capital Holding convertible into AED 3.16 billion new shares in Q Holding.
Apart from the above acquisitions described, the deal also included Miza Investments LLC, Sahel 1 Restricted, Sahel 2 Restricted and Oryx Action Restricted.
Q’s board additionally approved a special resolution to surge capital from AED 6.8 billion to AED 16.3 billion resulting from converting bonds to shares.
Abu Dhabi-based Q Holding, specializing in real estate development, investment management, hospitality, project management, asset management, and sustainable investment, was established in 2005. The company’s next general meeting will be held on November 28.
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