Team News Riveting
Abu Dhabi, UAE; January 30
International Holding Company (IHC), the diversified Abu Dhabi-based conglomerate, announced today that it would be investing AED 1.4 billion (USD 400 million) into the Adani Enterprises Further Public Offering (FPO), the Indian multinational publicly listed holding company and a part of Adani Group, through its subsidiary Green Transmission Investment Holding RSC Limited.
IHC’s first investment of the year comes as the company continues to scale and diversify its investments locally and internationally, focusing on Europe, Africa, Asia, and South America Markets in 2023.
“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders,” said Syed Basar Shueb, Chief Executive Officer, IHC.
This is the second investment deal International Holding Company has completed with India’s Adani Group after last year’s Dh7.3 billion (USD 2bn) investment in three green-focused companies of the Adani Group, including Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay Stock Exchange and National Stock Exchange of India.
“The advantage of the FPO is the historical reference for the company’s earnings report, company’s management, business practices, and much data to bank on before making any investment decision,” Shueb explained.
IHC continues to look ahead this year as its ambitious progression strategy gets well underway, with an expected further acquisition across four continents by the end of the year alone, focusing on a fast-growing economy, rapidly expanding equity markets, and top investment destination.
“We are watching the international market closely for new prospects, and we will continue exploring further opportunities outside our traditional market in 2023,” Shueb added. IHC aims to increase its global acquisition by 70 per cent in 2023, with the clean energy and food processing sectors being a key focus.
IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 648 billion as of Sep 30, 2022. The company endeavors to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates.
