QFMA approves IHG acquisition of Elegancia Group

Qatar Financial Markets Authority (QFMA) has approved the acquisition by the Investment Holding Group (IHG) (a Qatari shareholding company) of Elegancia Group LLC and its subsidiaries, the resignation of the board of directors, and the convening of the ordinary and extraordinary general assembly.
In a statement on the QSE website on Wednesday, Investment Holding Group said that QFMA informed IHG of its non-objection to complete the procedures for the acquisition of Investment Group Holding Company on Elegancia Group Company, according to the exchange rate mentioned in the draft Shareholder Circular, and after obtaining the approval of the Extraordinary General Assembly of Investment Group Holding Company, the procedures for issuing and listing the capital increase shares are worked out after coordination with the relevant authorities, taking into account all legislation, laws, regulations and instructions issued by Qatar Financial Market Authority and related legislation.
The agenda of the extraordinary general assembly, which was recommended by the board of directors at its meeting on Tuesday, includes several items, including the fourth item related to the request from shareholders to approve an increase in the authorized and paid-up share capital of IHG from QR830 million to about QR3.404 billion.