Abu Dhabi - Mubasher: Al Qudra Holding Company announced on Saturday that its general assembly has approved buying the shares of Al Rayan Investment for more than AED 1 billion ($272 million).

According to the company’s statement, it will raise the paid capital by issuing 210.4 million new shares for Al Rayan through an offering and shares exchange beginning Monday 1 May until 30 May.

The process will be supervised by the department of finance and investment funds of First Abu Dhabi Bank, which has been officially assigned by both companies.

This will raise the company’s total assets to AED 4 billion, the statement noted.

During the general assembly meeting, shareholders have also approved listing the stock of Al Qudra Holding on the Abu Dhabi Securities Exchange (ADX).