PHOTO
Abu Dhabi-based Alpha Dhabi Holding will seek shareholder approval for stake sales in its subsidiaries as it steams ahead with plans to consolidate its infrastructure assets.
The ADX-listed investment conglomerate said it is seeking shareholder approval for the sale of 49% stake in its wholly-owned construction subsidiary, Alpha Dhabi Construction Holding (ADCH), to state investor ADQ or any of its subsidiaries.
Alpha Dhabi Holding will retain the remaining 51% stake in ADCH, according to a previous statement.
In addition, it will seek shareholder approval to sell the entire shareholding held by Alpha Dhabi's subsidiaries Alpha Dhabi Hospitality Holding LLC and Murban Energy Limited in the following companies: ADH Hospitality RSC Ltd; Murban (BVI) Holding Inc.; and Hill View Resorts (Seychelles) Limited.
Approval will be sought to sell the shareholding to the National Corporation for Tourism & Hotels PJSC (NCTH) in consideration of the issuance by NCTH of newly issued shares in its share capital to Alpha Dhabi or its units.
This would be subject to obtaining the approval of the Securities and Commodities Authority, Alpha Dhabi said.
The Annual General Assembly (AGA) will be held on Monday 10 June 2024.
(Writing by Brinda Darasha; editing by Seban Scaria)
