The International Holding Company is looking forward to listing its subsidiaries “Two Point Zero”, “International Technology Holding” and “Sirius International Holding” next year.
Sayed Basr Shuaib, CEO of International Holding Company (IHC) in Abu Dhabi, revealed that a public offering for the National Health Insurance Company (Daman) is being considered, as mentioned in Inter view with “Bloomberg”.
“Daman” is a unit of “Pure Health Holding” Company, which in turn is affiliated with “International Holding”. “Daman” works in the field of health insurance. Shuaib did not provide further details about the offering.
Earlier this year, Shoaib V. said Inter view with “Bloomberg” “International Holding” is looking forward to listing its subsidiary “Two Point Zero” (worth 100 billion dirhams or $27 million) next year, in addition to listing the “International Technology Holding” and “Sirius International Holding” companies. He added that a unit of Sirius, called Apeiro, won a contract to finance and build a digital platform for the comprehensive healthcare system in Kenya with an estimated value of about $150 million.
Initial public offerings (IPOs) have witnessed a significant increase in the Gulf region over the past three years, although most of the “International Holding” offerings are allocated to local investors only. The Abu Dhabi Securities Market is currently witnessing the first public offering this year, through the sale of “Alef Education” about 20% of its shares to investors.
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The company previously announced the launch of a share buyback program worth 5 billion dirhams ($1.4 billion), following the slowdown in the stock’s performance after it recorded an increase of 43,000% since its listing.
Shuaib said, in the interview with Bloomberg, that the “International Holding” company has “great value in the future,” and that repurchasing shares will enhance the company’s share profitability, and it also constitutes an “opportunity” for shareholders wishing to sell their shares.
Emirati citizens own holdings estimated at about 90% of “International Holding”. Its second largest shareholder is the Royal Group. Pale Group of Companies, a subsidiary of the Royal Group, is the largest individual shareholder. Together, the two companies own about 60% of Al-Alameya Holding. Because the company’s freely floated shares are limited, it is not included in the MSCI Emerging Markets Index, which investors widely track.
The company announced a share buyback program at the beginning of May, and plans to allocate 5 billion dirhams to the program over one year, subject to the approval of shareholders and regulatory authorities.
Speaking to Bloomberg, the company’s CEO said: “This is our strategy to reward our shareholders who may not have seen growth in the share price last year, and that should help boost the price.”
