International Holding Company, the largest publicly traded company in the UAE, plans to sell 20 percent of its technology unit in an initial public offering in the third quarter of next year, its CEO Syed Busr Shuaib told Reuters on Thursday.
Shoaib estimated that Al Alamiah’s technology subsidiary, International Technology Holding, is expected to bring in half a billion dirhams ($136 million) and have assets of $1 billion by the second quarter.
He said Al Alamiah Holding also hopes to raise more than $1 billion from the “Pure Health” offering in the first quarter of next year, which is a deferred offering from this year.
According to Reuters, what is hampering the launch of Pure Health – which has played a major role in conducting the Corona polls – is that its merger with Abu Dhabi Health Services Group, ‘SEHA’, has taken longer than expected.
According to the CEO’s statements to Reuters, Al Alamiah Holding has implemented 4 IPOs this year and is aiming for a similar number in 2023.
The International Holding Company – whose market value reached AED 648 billion as of the end of September 2022, according to a release – made acquisitions worth a total of more than AED 13.5 billion in the third quarter, and expects to increase by about 70% globally over the next year, according to the agency.
Regarding the financing of these acquisitions, Shuaib said that negotiations are underway with international banks to obtain financing for the purchases expected in 2023.
He revealed that the International Holding Company is studying two investment opportunities in India worth more than two billion dollars each, and may announce two acquisitions in the global market, as well as the acquisition of a hospitality company listed on the Abu Dhabi Change by the end of 2022.
Global Holding is an UAE holding company established in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE, listed on the Abu Dhabi market, comprises more than 100 entities and operates in various sectors, including: real estate, agriculture, healthcare, food and beverage, and industries. , information and communications technology, retail and entertainment, according to its website.
(Prepared by: Amani Radwan, Edited by: Maryam Abdel-Ghani, to communicate with [email protected])
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