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

International Holding Company (IHC) subsidiary, Alpha Dhabi Holding, has announced its intent to list its ordinary shares on the Abu Dhabi Securities Exchange (ADX) on Sunday,  June 27.

The offering is expected to comprise of a sale of existing ordinary shares to individuals and other investors in the UAE (as part of the UAE retail offering) and to qualified institutional and other investors (as part of the qualified investor offering).

Alpha Dhabi. which has Dhs10bn in paid-up capital, was incorporated in 2013 and operates across five main verticals – industries, healthcare, investments with partners, construction and hospitality. Its long-term strategy is one of being a diversified holding company through which it seeks to grow by acquiring businesses across the industrial and hospitality sectors, in addition to other partnerships. In June 2021, the company acquired assets from privately held Murban Energy, valued at Dhs2.5bn, which includes hotels and resorts such as the St Regis at Saadiyat Island and Cheval Blanc Randheli in the Maldives as well as Etihad International Hospitality, a facility management company. It also acquired 12.1 per cent stake in Aldar Properties earlier this year.

Mohamed Thani Murshed Al Rumaithi, chairman of Alpha Dhabi Holding, said: “We have made the journey to become a public company in a way that’s going have a positive reflection on our growth plan, and as a public company we will have a stronger capital structure to invest in additional verticals, expand commercially and accelerate growth both organically and through acquisitions.”

“We invested in Alpha Dhabi in early 2021 and we have used our sector experience to reorganise, integrate and transform Alpha Dhabi into a leading UAE holding company with special focus on construction and hospitality,” noted Syed Basar Shueb, CEO and managing director of IHC. “The business is growing fast, highlighted by the 30 per cent jump in first quarter revenue and gaining a listing on a major stock exchange will enhance its already strong platform and reputation.”

Three subsidiaries of IHC – real estate company Emirates Stallion Group, Al Seer Marine and an unnamed company – would be listed on the exchange’s Second Market in Q2 2021, it was announced last month.

Read: Abu Dhabi’s International Holding Company to list three subsidiaries on ADX Second Market

In March, IHC reported a net profit of Dhs3bn for 2020, a six-fold, year-on-year increase. It also reported annual revenues of Dhs7bn, compared to Dhs1.26bn in 2019.