This is in light of the recent announcement relating to the anticipated promulgation of federal law on commercial companies which re-addresses the minimum public offering requirement.
The intention to offer 55% of the company's share capital to the public, with 25% of the share par value paid as first installment, was announced by the Chairman, Eng. Salah Salem Bin Omeir Al Shamsi during the Company's annual General Assembly on February 19, 2008.
The recent discussions around the revised companies' law allowing for UAE institutions to offer less than 55% through an initial public offering and the aim to continue maximizing share holder's value, Al Qudra's Board of Directors has elected to capitalize on this opportunity and postpone the offering to a later date during 2008.
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Al Qudra Holding postpones IPO
- United Arab Emirates: Monday, March 03 - 2008 at 11:01
- PRESS RELEASE
Al Qudra Holding announced yesterday the postponement of its intention to convert into a public joint stock company.
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About Al Qudra HoldingAl Qudra Holding is the leading private joint stock investment company based in the United Arab Emirates. Established in May 2005 with a capital of Dhs550m increased subsequently to Dhs600m, the company has focused on contributing to the development of the Emirates and has quickly become one of the fastest growing companies in terms of performance, as well as market capitalization.
Today the company has a large group of specialized subsidiaries that operate under its umbrella in important sectors such as real estate, industry, transportation & utilities. Furthermore, Al Qudra Holding has put forward unique investment opportunities and facilitated the development of various projects that meet the local and regional market needs.
The company is considered the ideal strategic partner for many leading regional companies looking to invest in the United Arab Emirates, and Abu Dhabi in particular. This has been achieved through the trust, expertise and competencies that the company has acquired through the successful foundation of project and investment strategies that have attracted strategic and specialized partners in all fields from across the globe. Al Qudra Holding is currently investing in the development of various projects in Morocco, Yemen, Algeria, and Senegal with future plans to invest in Egypt, and Syria and other international economies.
For more information, please contact:
Allen Mgaieth
Bell Pottinger Middle East
Tel: +971 50 345 9393
Shuaa Capital
04-319-9860
Posted by Medilyn Manibo, Assistant News EditorMonday, March 03 - 2008 at 11:01 UAE local time (GMT+4)
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