DUBAI, Aug 10 (Reuters) - Abu Dhabi conglomerate
International Holding Co (IHC) expects to increase its
takeover activity, including in India and Turkey, as global
market turbulence has created "a buyers' market," its chief
executive told Reuters on Wednesday.
IHC, the most valuable company on the Abu Dhabi bourse with
a market capitalisation of around $167 billion, is aiming for
publicly-listed companies in growth markets, Syed Basar Shueb
said, adding that it was also looking in South America and
"The public domain market has really corrected itself in
some of the assets," he said.
"But in the private domain, it is still difficult to
negotiate with the owners because they all are still living in a
year-old world where the valuations were extremely high. It's
not a sellers' market, it's a buyers' market now."
IHC, which straddles sectors from healthcare to real estate
to IT and utilities, made 70 acquisitions at a total value of 10
billion dirhams ($2.72 billion) this year.
Its highest profile deals include a 7.3 billion-dirham
investment in three of India's Gautam Adani companies in May
Rising interest rates and predictions of a global downturn
have made IHC more selective as valuations in private markets do
not reflect current market conditions, Shueb said.
He also said the company was seeking sizeable acquisitions,
rather than smaller deals, to boost its bottom line, although he
did not give an indication of how large.
The company on Monday reported a 137% year-on-year increase
in net profit for the first half of the year to 10.35 billion
IHC's stock has risen over 120% so far this year to trade at
348 dirhams a share.
The company is chaired by Sheikh Tahnoon bin Zayed Al
Nahyan, the United Arab Emirates' national security adviser and
a brother of its president, Sheikh Mohammed bin Zayed.
(Reporting by Hadeel Al Sayegh; editing by Barbara Lewis)