Abu Dhabi real estate development and investment company Q Holding has completed a transaction with ADQ Real Estate and Hospitality LLC and IHC Capital Holding LLC. Q Holding now owns 100% of the share capital for Abu Dhabi National Exhibitions Company (ADNEC), Modon Properties, Miza Investments LLC, Sahel 1 Restricted Limited, Sahel 2 Restricted Limited, and Oryx Action Restricted Limited, along with other real estate assets.
In the deal, Q Holding issued 25.62 billion mandatory convertible bonds with a nominal value of Dh1 each to ADQ (receiving 17.08 billion bonds) and IHC (receiving 8.53 billion bonds). This issuance will result in the creation of 6.32 billion and 3.16 billion new shares for ADQ and IHC, respectively, using a conversion ratio of 2.70 bonds for each share, the company said in a statement on Wednesday.
The transaction increases Q Holding’s share capital to Dh16.34 billion by issuing 9.49 billion new shares with a nominal value of Dh1 each to ADQ and IHC.
“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,” said HE Jassem Al Zaabi, Chairman of Q Holding.
Al Zaabi said there will be a significant expansion in our international portfolio, further increasing Q Holding’s 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,” he added.
Rebranding
According to the statement, the company will be rebranded to Modon Holding following its shareholders’ approval. “This rebranding represents a new chapter in our journey, symbolising our commitment to innovation and excellence in the investment sector,” the chairman noted. “We are confident that it will further enhance our brand identity and propel us towards greater success in the years to come.”
“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,” said Bill O’Regan, Group CEO of Q Holding. “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.”
