Second-placed Liverpool remain three points behind Arsenal, who have a vastly superior goal difference
Abu Dhabi conglomerate International Holding Co is considering acquisitions worth a few billion dollars in total across several sectors, including a real estate developer in Abu Dhabi, its chief executive Syed Basar Shueb told Reuters.
IHC, now the most valuable company on the Abu Dhabi bourse with a market capitalisation of $72 billion, is also considering a 2022 initial public offering (IPO) for its majority-owned healthcare firm Pure Health, Shueb said in an interview. Pure Health has played a pivotal role in screening for Covid-19 infections in the UAE.
Shueb also said the tightly held conglomerate, active in sectors from food to leisure, is close to acquiring a second-tier Abu Dhabi property developer, which would add to its indirect minority stake in Aldar Properties. He didn’t identify any targets, nor specify how much the real estate deal might be worth.
“All the sectors across the nine verticals we are operating (in), we are looking for an acquisition,” Shueb said. “There are a few billion dollars of acquisitions we are looking at.”
IHC is also looking at three or four targets in the food sector, as well as eyeing targets in the healthcare and leisure and retail sectors, he said.
Shueb said the new deals will be funded by bank loans for the first time, while next year the firm plans to issue debut bonds, which would help it secure a credit rating for more transparency.
IHC has reported surging earnings over the past year and a half, and its share price has more than tripled this year to Dh146.1, as of Monday’s close. In June, it overtook telecommunications firm etisalat as the most valuable company on the Abu Dhabi bourse.
Shueb said IHC plans to list six companies this year in total, giving domestic investors more opportunities in the Abu Dhabi market.
But he said there are no plans to pay dividends. Instead, the aim is for the growth of IHC’s operations and investment in its businesses to support a rise in the share price.
“We acquire, restructure, consolidate in our businesses, with diversification and then divestment,” Shueb said. — Reuters
Second-placed Liverpool remain three points behind Arsenal, who have a vastly superior goal difference
The in-form Italian will move to within 330points of World No 1 Djokovic if he wins his fourth trophy of 2024 at the Madrid Open
The King, 88, had undergone gallbladder surgery in 2020
Delhi posted 224-4 courtesy of a 113-run stand between Pant (88) and fellow left-hander Axar Patel, who hit 66
The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively
Total property income posted year-on-year growth of 10% to $74m, highest value ever
All official donation channels however remain open through the outlets announced by government agencies