Alpha Dhabi is all set to shed assets: Alpha Dhabi will move forward with its plan to to sell a 49% stake in its subsidiary, Alpha Dhabi Construction Holding, to Abu Dhabi state investor ADQ, after receiving shareholder approval at a general assembly meeting yesterday, according to an ADX disclosure (pdf).

Shareholders also greenlit the company’s plans to sell three Alpha Dhabi-owned hotel businesses to the National Corporation for Tourism & Hotels (NCTH) in exchange for newly issued shares in NCTH. The targeted businesses for sale include ADH Hospitality, Murban (BVI) Holding, and Hill View Resorts in the Seychelles.

What we know about the transaction: Alpha Dhabi will get 1.25 bn new shares in NCTH, raising its stake in the company, after the company completes a capital increase to AED 2.15 bn, according to previous disclosures from the entities published in March. Alpha Dhabi remains the company’s largest single shareholder.

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