Abu Dhabi-based Al Qudra Holding has postponed its planned initial public offering (IPO).

The company said in light of the recent announcement relating to the anticipated promulgation of federal law on commercial companies which readdresses, among other things, the minimum public offering requirement, it was postponing plans to convert into a public joint stock company.
 
The intention to offer 55 per cent of the company’s share capital to the public, with 25 per cent of the share par value paid as first installment, was announced by the chairman, Eng Salah Salem Bin Omeir Al Shamsi during the company’s annual General Assembly on February 19.

In view of the recent discussions around the revised companies’ law allowing for UAE institutions to offer less than 55 per cent through an initial public offering and the aim to continue maximising share holder’s value, Al Qudra’s Board of Directors has elected to capitalise on this opportunity and postpone the offering to a later date during 2008, it said. – TradeArabia News Service