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Tuesday, November 5, 2024
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Abu Dhabi megacorp IHC brings in Infinity Wave Holding as ‘strategic shareholder’ after capital increase to Dh2.1b

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This would be a net positive for IHC, further boosting the stock’s performance on the ADX. IHC has been a leader in the ADX since 2000, posting quadruple-digit value growth, further cementing its position ahead of Etisalat on the Abu Dhabi Securities Exchange by market capitalization.

To round out the Infinity Wave Holding deal, IHC issued new shares to raise capital from AED 1.82 billion to AED 2.19 billion. This means that the company’s total share capital is 2.19 billion shares, of which 372.11 million shares have been issued to Infinity Wave’s subsidiaries.

IHC has a market capitalization of AED 893 billion and a share price of AED 407. (Year-to-date ADX is up 24%.)

“The decision of the IHC Congress confirms the confidence in the company’s strategy,” said Syed Basar Shueb, CEO of IHC. “We are fully committed to delivering on our strategic priorities to develop sustainable future profitable growth.”

IHC believes the increase in capital is “an important step towards the company’s growth plans, expansion, transformation and further strategic acquisitions as the company continues to expand internationally.”

Record profit for IHC Nine month mark in 2022, as it promises to direct more funds to overseas investments in and outside the region. The company also recently talked about expanding its technology base while becoming a cornerstone investor in the recent ADX-listed IPO.

By group Over the same period, Al Seer Marine itself has seen some staggering numbers, while Al Seer Marine is on a vessel buying and expanding spree and aiming to become one of the largest ocean shipping companies in the world.

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