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    ALPHADHABI   AEA007601015

ALPHA DHABI HOLDING PJSC

(ALPHADHABI)
End-of-day quote Abu Dhabi Securities Exchange  -  05-12
25.00 AED   -2.65%
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IHC subsidiary Multiply to list directly on Abu Dhabi's main market

11/29/2021 | 06:09am EDT

DUBAI, Nov 29 (Reuters) - Multiply Group, a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC), will list directly on the Abu Dhabi Securities Exchange on Dec. 5, IHC said on Monday.

Direct listings allow companies to list on the stock market without a traditional and more costly initial public offering.

In October, CEO Syed Basar Shueb told Reuters that IHC was planning to offer shares in Multiply, a holding company that invests in tech-focussed businesses, through an IPO.

"Multiply Group had been exploring an IPO and a direct listing and a decision was taken to go for a direct listing," an IHC spokesperson said in an emailed statement to Reuters.

"(This) gives our shareholders immediate access to actively trade their shares without restrictions, superior liquidity and an attractive valuation for growth companies such as ours," the spokesperson said.

Multiply had assets of 8.2 billion dirhams ($2.23 billion) at the end of September, IHC said in a bourse filing on Monday.

"The Group intends to pursue further growth, organically and through scalable acquisitions, focusing on digital innovation in diverse sectors, including automotive, utilities, capital, wellness, and communications," it said.

In October IHC said the planned transaction could value Multiply at 8 to 10 billion dirhams.

Abu Dhabi's ADX bourse has seen a surge of new listings this year, including companies owned by oil giant Abu Dhabi National Oil Co (ADNOC) and state investor Mubadala.

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

IHC, which has a market capitalisation of $75 billion, 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 Zayed.

($1 = 3.6727 UAE dirham) (Reporting by Davide Barbuscia; editing by Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHA DHABI HOLDING PJSC -2.65% 25 End-of-day quote.-8.42%
EURO / DIRHAM (EUR/AED) 0.02% 3.8205 Delayed Quote.-8.41%
FIRST ABU DHABI BANK P.J.S.C. 3.72% 19.5 End-of-day quote.4.71%
INTERNATIONAL HOLDING COMPANY PJSC 1.62% 244 End-of-day quote.60.53%
LONDON BRENT OIL -2.39% 108.658 Delayed Quote.37.57%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.673 Delayed Quote.0.00%
WTI -0.72% 107.18 Delayed Quote.41.98%
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Financials
Sales 2021 18 848 M 5 131 M 5 131 M
Net income 2021 3 182 M 866 M 866 M
Net cash 2021 2 571 M 700 M 700 M
P/E ratio 2021 61,2x
Yield 2021 -
Capitalization 250 B 68 064 M 68 064 M
EV / Sales 2020 -
EV / Sales 2021 14,3x
Nbr of Employees 57 000
Free-Float 13,4%
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Managers and Directors
Hamad Salem Mohamed Al-Ameri CEO, Managing Director & Director
Kashef Shamsi Ashraf Shamshi Chief Financial Officer & Finance Manager
Mohammed Thani Murshed G. Al-Rumaithi Chairman
Syed Basar Shueb Syed Shueb Vice Chairman
Sofia Abdul Latif Lasky Director
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