Al Qudra plans IPO to raise Dh3.7b

Abu Dhabi: Al Qudra Holding, a major investment company based in Abu Dhabi, plans to raise about Dh3.7 billion through an initial public offering (IPO) in the first week of March, a statement said, on Wednesday.

Fifty-five per cent of Al Qudra's shares are open to public subscription. The company is initially offering 25 per cent of the 55 per cent of its shares to the public. The value of 55 per cent of Al Qudra's shares is about Dh13 billion.

"The capital raised from the IPO will be used to fund the company's existing and future projects," a source close to the developments said.

Al Qudra chairman Salah Salem Bin Omeir Al Shamsi said more details of the IPO will be disclosed at a later date.

Al Qudra's businesses range from real estate to transport.

Besides property projects in the UAE, Al Qudra is looking at developing real estate projects in India. It has previously announced plans to develop real estate projects in Morocco, Algeria, Syria and Yemen.

Al Qudra posted a Dh703 million profit in 2007, it said on Saturday, but did not provide a comparative figure for the year before.