Shareholders of Abu Dhabi-listed Q Holding have approved the acquisition of developer Reem Investments as part of its strategy to broaden its investment portfolio.
The acquisition will boost Q Holding’s asset base to more than Dh5.9 billion ($1.6bn). Q Holding is acquiring Reem Investments in exchange for new shares to be issued in the company. It did not give the value of the deal when it announced it last week.
Q Holding shareholders approved the transaction at their general assembly meeting, both companies said in separate statements on Monday to the Abu Dhabi Securities Exchange, where their shares are traded.
The deal is part of "efforts to increase our investment portfolio and develop our business performance in line with the board of directors’ strategies to invest in selected industries to meet the local and international market need”, Abdulla Al Hamed, chairman of Q Holding, said.
In 2018, Eshraq Properties dropped plans to merge with Reem Investments after the two companies could not agree on the terms of the transaction.
Eshraq and Reem Investments announced a possible consolidation of their holdings in 2017, in a deal that would have created the emirate’s second-largest listed developer.
Reem Investments is a master developer and holds assets in locations including the Najmat on Al Reem Island and Rawdhat on Old Airport Road in the capital.
Read More : https://www.thenationalnews.com/business/property/2022/05/09/abu-dhabis-q-holding-shareholders-approve-acquisition-of-reem-investments/
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