Abu Dhabi – Mubasher: Q Holding acquired more than 100% of the share capital for Abu Dhabi National Exhibitions Company (ADNEC), according to a press release.
The ADX-listed firm reinforced its position in Abu Dhabi’s real estate market by acquiring the entire shares of Modon Properties, Miza Investments, Sahel 1 Restricted Limited, Sahel 2 Restricted Limited, Ory Action Restricted Limited, and other real estate assets.
Q Holding completed the transaction with ADQ Real Estate and Hospitality and IHC Capital Holding, as it will issue 25.62 billion mandatory convertible bonds with a nominal value of AED 1 each to the two parties.
Under the deal, ADQ will receive 17.08 billion bonds and IHC will be granted 8.53 billion bonds.
Meanwhile, Q Holding’s share capital will increase to AED 16.34 billion through the issuance of 9.49 billion new shares with a nominal value of AED 1 each to the two corporate entities.
The increased share capital aligns with Q Holding’s growth strategy to bolster dynamic financial evolution that will drive the group’s mission to new heights.
Jassem Al Zaabi, Chairman of Q Holding, said: “There will be a significant expansion in our International Portfolio which will further increase our real estate development ambitions.”
“As we look to the future, we are excited to announce that the company will be rebranded to Modon Holding, following approval of its shareholders,” Al Zaabi noted.
He concluded: “We are confident that it will further enhance our brand identity and propel us towards greater success in the years to come.”
Bill O’Regan, Group CEO of Q Holding, commented: “Our acquisition of these assets and the subsequent conversion of bonds establishes a new benchmark for strategic investment potential, effectively enabling Q Holding to reshape its outlook through expansion and entry into new verticals and new international markets.”
In 2023, the net profits of Q Holding dropped to AED 573.95 million from AED 822.65 million in 2022.
