Sunday, 24 October 2021 12:06 GMT

IHC to list its subsidiary Multiply on ADX this year

(MENAFN- Khaleej Times) Abu Dhabi conglomerate International Holding Co (IHC) plans to list subsidiary Multiply, a holding company that invests in tech-focused businesses, on Abu Dhabi's main stock market this year, IHC's chief executive said.

The planned transaction, which could value Multiply at Dh8 to Dh10 billion ($2.2-$2.7 billion), would be the latest in a string of listings and deals for IHC, a firm with a market capitalisation of $72.5 billion.

“We're planning the listing before the end of the year, it's going to be an IPO, a main market listing”, IHC's CEO Syed Basar Shueb told Reuters.

IHC plans to offer 30 per cent of Multiply's shares and is working with local banks on the transaction, he added.

The planned deal would follow a surge of new listings on Abu Dhabi's ADX bourse this year, including companies owned by oil giant Abu Dhabi National Oil Co (Adnoc) and state investor Mubadala.

The Abu Dhabi stock index is the best performing market in the Gulf this year, helped by higher oil prices, incentives to boost trading and more listings.

“Definitely one of the reasons (for the listing) is market conditions ... but our long term strategy is to list every single entity which we invest into in the market eventually,” said Shueb.

IHC, whose assets include firms in the fast-growing healthcare and industrial sectors, became Abu Dhabi's most valuable listed company in June after the listing of subsidiary Alpha Dhabi.

It is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser.

The company also plans an IPO for its majority-owned healthcare firm Pure Health, which Shueb said could happen as soon as March next year.

It is looking at acquisitions abroad, including food processing facilities and healthcare assets in Turkey, he said, adding discussions were at an early stage.

IHC recently sold a 50 per cent stake in another subsidiary, Eltizam, to Abu Dhabi state investor ADQ. Eltizam could also be listed next year, said Shueb.

Sheikh Tahnoon is also the chairman of ADQ. — Reuters

Click/tap here to subscribe to Khaleej Times news alerts on Telegram.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.