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29 November 2023

Al Qudra delays $1bn IPO plans

By Agencies

Abu Dhabi-based Al Qudra Holding, with businesses ranging from real estate to transport, said on Sunday it was delaying its initial public offering planned for this month.


The company, which was looking to raise $1 billion (Dh3.67 billion), was awaiting a new UAE law that would allow it to sell less than a 55 per cent stake, it said in a statement.


Given "the recent discussions around the revised companies' law allowing for UAE institutions to offer less than 55 per cent through an initial public offering ... Al Qudra's board of directors has elected to capitalise on this opportunity and postpone the offering to a later date during 2008,"it said.


Qudra, which has 30 units in industries including infrastructure, had planned to offer 55 per cent of the company in the first week of March to finance expansion, Chairman Salah al-Shamsi said last month.  (Reuters)