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Q Holding acquires prime Abu Dhabi assets ahead of rebranding

ABU DHABI, February 28, 2024

Q Holding, Abu Dhabi’s leading real estate development and investment company, has successfully completed the transaction with ADQ Real Estate and Hospitality (ADQ) and IHC Capital Holding (IHC) for acquiring 100 per cent of the share capital across wide range of industry organisations, further boosting its impact on Abu Dhabi’s diverse real estate market. 
 
The strategic move comes as Q Holding is gearing up for its rebranding into Modon Holding. The final announcement will come only after approval from its shareholders.
 
Under this deal, Q Holding has acquired control over 100 per cent of the share capital for 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 real estate assets.
 
As part of the transaction, Q Holding will be issuing a total of 25,627,000,000 mandatory convertible bonds with a nominal value of AED1 each to both ADQ, which will receive 17,087,770,000 bonds, and IHC, which will receive 8,539,230,000 bonds. 
 
The allocation of bonds to ADQ and IHC will translate into 6,328,803,704 and 3,162,677,778 new shares in the share capital of the company respectively using a conversion ratio of 2.70 bonds for each share.
 
As a result of this transaction, Q Holding’s share capital has risen to AED16,347,080,368 through the issuance of 9,491,481,482 new shares with a nominal value of AED1 each to the two corporate entities. 
 
The increased share capital stemming from the agreement reflects Q Holding’s commitment to sustainable growth and preludes a robust and dynamic financial evolution that will propel the group’s mission to new heights.
 
On the sale and purchase, Jassem Al Zaabi, Chairman of Q Holding, said: "The finalisation of the agreement with ADQ and IHC is a major milestone for Q Holding, highlighting our competitive leverage in the UAE’s dynamic real estate and financial markets."
 
"Following the deal, we will continue to prioritise the advancement of Abu Dhabi’s real estate economy, while setting new standards in the field of strategic investment that align with the nation’s comprehensive development plans," he stated. 
 
"Furthermore, there will be a significant expansion in our international portfolio which will further increase our real estate development ambitions. Our primary objectives remain, including the enhancement and progression of existing projects and the integration of sustainable systems into our strategic vision," noted Al Zaabi. 
 
"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. This rebranding represents a new chapter in our journey, symbolizing our commitment to innovation and excellence in the investment sector. We are confident that it will further enhance our brand identity and propel us towards greater success in the years to come," he added.
 
Group CEO Bill O’Regan echoed a similar sentiment, stating that the recent sale and purchase agreement marks a significant shift in Q Holding’s business approach, with ADQ and IHC serving as important regional investment partners. 
 
"Our acquisition of these assets and the subsequent conversion of bonds establishes a new benchmark for strategic investment potential, effectively enabling Q Holding “soon to be Modon Holding” to reshape its outlook through expansion and entry into new verticals and new international markets," he added. 
 
"We remain dedicated to the transformative growth of the real estate sector and are confident that this latest agreement serves to advance our leading presence in it," he added.-TradeArabia News Service



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