IHC's Multiply Group starts trading on Abu Dhabi Securities Exchange
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IHC’s Multiply Group starts trading on Abu Dhabi Securities Exchange

IHC’s Multiply Group starts trading on Abu Dhabi Securities Exchange

The group had assets of Dhs8.16bn and 3,240 employees as at end of September 2021

Multiply Group, a subsidiary of International Holding Company (IHC), has begun trading its shares on the Abu Dhabi Securities Exchange’s (ADX) main board today.

The market debut was marked by a bell ringing ceremony at ADX attended by Syed Basar Shueb, board member, CEO and managing director of IHC; Saeed Hamad Al Dhaheri, chief executive officer of ADX; and André Sayegh, chairman of Multiply Group, and Samia Bouazza, CEO and board member of Multiply Group.

The company, which had assets of Dhs8.16bn and 3,240 employees as at end of September 2021, is pursuing a growth strategy focused on digital innovation across a number of sectors, including automotive, utilities, capital, wellness and communications, a statement said. The company became IHC’s eighth subsidiary to list on the exchange.

Read: Multiply Group becomes IHC’s 8th subsidiary to list on ADX

Saeed Hamad Al Dhaheri, CEO of ADX, said: “We are pleased to welcome Multiply Group to ADX as a valuable contribution to the diverse investment offering on the exchange. The strong pipeline of listings that we have experienced this year has supported an expansion in our market capitalisation to over Dhs1.5 trillion. Increased capital markets activity, together with the strong growth potential of companies in our region, has attracted strong investment flows to ADX, making ADX General Index (ADI) one of the best performing indexes in the world in 2021.”

“Listing on the Abu Dhabi Securities Exchange is an opportunity to broaden our shareholder base and provide ADX investors with access to a differentiated investment portfolio,” notes Samia Bouazza, CEO and board member of Multiply Group. “Our number one commitment is achieving both growth and maximising shareholder value. In a fast-paced world where digital transformation is essential to accelerate business growth, we target tech-led acquisitions and empower our subsidiaries to adopt innovative solutions to gain excellence and become market leaders in their industries.”

Multiply Group has made a number of strategic investments recently, including stakes in Emirates Driving Company, US-based digital media platform Firefly, and the full acquisition of integrated communications company Viola.

Besides Al Seer Marine, IHC subsidiaries that have listed on the ADX include Palm Sports, Easylease, Zee Stores, Emirates Stallion Group on the second market and AlphaDhabi on the primary market.

Read: Al Seer Marine becomes IHC’s 6th subsidiary to list on ADX

Read: Subsidiary of Abu Dhabi’s International Holding Company to list on ADX

Read more: Emirates Stallion Group lists on ADX Second Market in the UAE

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