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

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

The group will list on ADX’s main market on December 5

Abu-Dhabi

Multiply Group, a subsidiary of International Holding Company (IHC), will list directly on the Abu Dhabi Securities Exchange (ADX) on December 5, 2021.

Multiply Group, which had assets of Dhs8.16bn and 3,240 employees as at end of September, has expanded last year through a series of acquisitions in the UAE and abroad to build a portfolio of high-return businesses, a statement said. The group aims to pursue further growth, organically and through acquisitions, focusing on digital innovation in diverse sectors, including automotive, utilities, capital, wellness, and communications.

Syed Basar Shueb, CEO and managing director and board member of IHC, said: “Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year, as part of our long-term strategy to widen our shareholder base and pursue new growth opportunities. Multiply is one of our most innovative, tech-driven portfolio companies and is well placed to capitalise on the rapid growth of the digital economy, both in the region and globally.”

“Listing on the ADX elevates the profile of Multiply Group, not only among regional and international investors, but also in the global technology ecosystem. After a strong deal-making phase, we are ready to take the next big leap as we continue to grow our portfolio organically and inorganically,” adds Samia Bouazza, CEO and board member of Multiply Group.

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

The market capitalisation of the ADX recently exceeded Dhs1.5 trillion, supported by a series of listings and increased international investment. At the end of the first ten months of the year, the value of shares traded on the exchange reached Dhs284bn, while the foreign net investment reached Dhs6.1bn.

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