International Holding Co. or IHC, an Abu Dhabi–based conglomerate, has approved the merger of its subsidiary, Al Tamouh Investments with investment holding company, Al Qudra Holding.

The transaction will be completed through the transfer of shares in Al Tamouh Investments, a real estate developer, in return for unsecured mandatory convertible bonds issued by Al Qudra Holding, IHC said in a statement on Sunday.

Abu Dhabi-based Tamouh is the primary developer of a number of projects including Marina Square, the City of Lights, Fantasy Island, Meena Hotel and Towers, and the Royal Group Headquarters.

Meanwhile, the board of directors of Al Qudra Holdings has approved a new foreign ownership limit of 30 percent of outstanding shares, subject to regulatory approvals. Previously, only UAE nationals were permitted to own shares in the company.

Al Qudra Holding invests in sectors such as oil and gas, banking and finance and real estate.

(Writing by Brinda Darasha; editing by Seban Scaria)

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