The First Reverse Corporate Takeover in Qatar's History
Istithmar holding is reorganizing its structure after the acquisition of Elegancia Group
Integrating healthcare, professional services, and tourism employment into a single international business group to maximize growth opportunities. Istithmar Holding Group announced today the strategic reorganization of its business to be divided into three divisions: projects and healthcare. And Elegancia Services, the restructuring—effective immediately—comes in an effort to capitalize on the ever-increasing size of the local market and achieve the company's future growth priorities, including the provision of high-quality healthcare services, facility management, tourism facilities, and global expansion and professional services.
On this occasion, Henrik Christiansen, CEO of Istithmar Holding Group, said: "Our business is strategically centered around future directions, creating a more effective framework for serving clients in Qatar and the region, driving growth, and increasing shareholder value."
He added: "We harness our capabilities and high expertise in the sectors in which we operate, and manage our various services and projects in a harmonious way to provide health care, recreational and professional services in the form required to achieve economic growth and social and environmental development, in line with Qatar Vision 2030."
Last week, Istithmar Holding Group completed a historic acquisition of the Elegancia Group, after a large share swap deal, as the acquisition was approved by more than 75% of the shareholders of Istithmar Holding Group, thus forming one of the largest business groups listed on the Qatar Stock Exchange, With a capital value of 3.4 billion Qatari riyals.
This reverse acquisition is the first of its kind in Qatar, as it supports the diversification of the national economy in line with the National Development Strategy and Qatar National Vision 2030, It will lead to the expansion of the business of Istithmar Holding Group and its entry into new industries and sectors including contracting, healthcare, facilities management, and industry. It will also allow Elegancia to develop and differentiate itself at the local and international levels as one of the leading professional services companies in Qatar, which will have a positive impact on increasing shareholder value and achieving sustainable growth for the national economy.
Elegancia Healthcare recently announced a partnership with Cedars-Sinai, one of the largest non-profit healthcare organizations in Los Angeles, to operate a state-of-the-art international hospital located in Al Qutaifiya, near The Pearl. Elegancia Healthcare will also operate the Korean Hospital, which is the first medical facility in the region to provide services for alternative Korean medicine and many other specialties.
Elegancia Group also signed a deal with Qatari Diar and Qatar Tourism last year to develop Al Maha Island in Lusail, into a tourist destination that includes a seasonal city, restaurants, hotels, and a range of integrated entertainment experiences.
Istithmar Holding Group was established in 2008 under Articles of Association No. 1350 and was registered in the Commercial Register No. 39127 on 11/5/2008
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