DUBAI, Oct 14 (Reuters) - 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 8 to
10 billion dirhams ($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.
"Were planning the listing before the end of the year, its
going to be an IPO, a main market listing", IHC's CEO Syed Basar
Shueb told Reuters.
IHC plans to offer 30% 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
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",
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
It is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the
United Arab Emirates' national security adviser and a brother of
the country's de facto ruler Abu Dhabi Crown Prince Mohammed bin
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% 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.
($1 = 3.6728 UAE dirham)
(Reporting by Davide Barbuscia
Editing by Mark Potter)