Abu Dhabi – Mubasher: The board of International Holdings Company (IHC) has approved the sale and transfer of IHC entities' stakes in Al Tamouh Investments to Al Qudra Holding.

As an acquisition price, Al Qudra Holding will issue mandatory convertible bonds with a total amount of AED 2.244 billion to IHC Real Estate Holding and IHC Companies Management, according to a bourse filing on Sunday.

The mandatory bonds would be converted into 2.244 billion shares with a nominal value of AED 1 per share in Al Qudra whose issued share capital would increase to AED 5.508 billion on conversion.

The transaction is subject to regulatory bodies' approval.