Abu Dhabi real estate development and investment company Q Holding has completed its transaction with ADQ Real Estate and Hospitality LLC (ADQ) and IHC Capital Holding LLC (IHC) and will rebrand as Modon Holding following the approval of its shareholders.
Q Holding has acquired control over 100 per cent 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, among other real estate assets.
Further, it will be issuing a total of 25,627,000,000 mandatory convertible bonds with a nominal value of AED 1 each to both ADQ (receiving 17,087,770,000 bonds) and IHC (receiving 8,539,230,000 bonds).
This 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, the company said.
As a result, Q Holding’s share capital has increased to AED 16,347,080,368 through the issuance of 9,491,481,482 new shares with a nominal value of AED 1 each to ADQ and IHC.
Commenting on this development, H.E. 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. 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.”
Meanwhile, on the rebranding, the Chairman said: “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.”
Bill O’Regan, Group Chief Executive Officer of Q Holding, added: “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. 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.”