Qatar-based Investment Holding Group (IHG) said that Elegancia Group Holding has submitted a proposal to be acquired by IHG, through an exchange of shares transaction.
IHG ’s board of directors has initially approved the acquisition, pending a detailed study, it said in a disclosure on the Qatar Stock Exchange.
Elegancia Group Holding, with more than 20,000 employees, is currently developing two hospitals in Qatar. It has other companies that operate in healthcare services, industrial and contracting sectors.
IHG, a diversified group which specializes in construction and contracting, reported a 2020 net profit of 27.1 million Qatari riyals ($7.4 million), half of what it posted in 2019.
(Writing by Brinda Darasha; editing by Seban Scaria)
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