Ankara, (Business News Report)|| The Emirati Q Holding announced its acquisition of the entire Reem Investments, at a time when it was working to develop its portfolio of investment assets.
Q Holding said that the acquisition was made in exchange for shares issued in the company, with a total of 5.94 billion dirhams.
The Chairman of the Board of Directors of Q Holding, Abdullah Muhammad Butti Al Hamed, said that the company’s acquisition of Reem Investments will be through the issuance of new shares in the company.
Al Hamed confirmed that 17.33 of the company’s shares will be allocated for each share acquired from the shares of Reem Investments shareholders (the exchange rate of shares).
He said that this step comes within the efforts of Q Holding to increase its investment portfolio, develop its business and develop its performance, in line with the investment plans of the Board of Directors in selected sectors to meet the needs of the local and international market.
In turn, Chief Executive Officer of Q Holding, Maged Fouad Odeh, said that the company’s acquisition of Reem Investments comes within the framework of a carefully studied strategic plan to invest in a number of sectors and areas of local, regional and global interest, and to nurture the next generation of entrepreneurs and business leaders.
He added that the company is looking forward to further expansion by following long-term directions and mechanisms approved by the Board of Directors to consolidate its position as one of the largest and most important companies operating in the investment sector.
The Emirati Q Holding is a private joint stock company established in 2005, and is one of the largest investment companies in the Emirate of Abu Dhabi.
In a related context, Q Holding announced a jump in profits for the first quarter of 2022 to 141.9 million dirhams, compared to 6.7 million dirhams in the same quarter of the previous year, with a growth rate of more than 1900% compared to the previous quarter.
The company also stated, in a statement on the Abu Dhabi Securities Exchange, that the increase in profits is due to a 138% growth in revenues to reach 283.6 million dirhams in the first quarter from 119.1 million dirhams during the same period last year.
The operating profit amounted to 186.37 million dirhams in the first quarter, compared to 41.24 million dirhams in the first quarter of 2021.