Alpha Dhabi Holding to List on ADX

Business

June 25th, 6:50am

Abu Dhabi - Asharq Al-Awsat

St. Regis is one of the assets of Alpha Dhabi Holding, which intends to list on Abu Dhabi Securities Exchange (Asharq Al-Awsat)

Alpha Dhabi Holding, a subsidiary of International Holding Co, intends to list on Abu Dhabi Securities Exchange (ADX) on Sunday. The offering was expected to involve a sale of existing shares to individuals and other investors in the United Arab Emirates and to qualified institutional and other investors, it said. Alpha Dhabi, established in 2013, has 10 billion dirhams ($2.72 billion) in paid-up capital. It operates in field and technical healthcare, construction, investments, and hospitality sectors. Its investment portfolio, local and international, includes 25 subsidiaries and 40,000 employees. “We have made the journey to become a public company in a way that’s going to have a positive reflection on our growth plan," said Mohamed Thani Murshed Al Rumaithi, chairman of Alpha Dhabi Holding. "As a public company we will have a stronger capital structure to invest in additional verticals, expand commercially and accelerate growth both organically and through acquisitions," he added. Syed Basar Shueb, CEO and managing director of IHC, stated: “We invested in Alpha Dhabi in early 2021 and we have used our sector experience to reorganize, integrate and transform Alpha Dhabi into a leading UAE holding company with special focus on construction and hospitality. “Alpha Dhabi’s business is growing fast, highlighted by the 30 percent jump in first-quarter revenue and gaining a listing on a major stock exchange will enhance its already strong platform and reputation.” Alpha Dhabi's long-term strategy is to be a diversified holding company through which it seeks to grow by acquiring businesses in industrial and hospitality sectors. In March, the company acquired 12.1 percent in Aldar Properties, which reflects its new strategic direction as well as reaffirming its strong position in the UAE real estate market. In June, it acquired assets from privately held Murban Energy, valued at 2.5 billion dirham ($680 million), which includes the St. Regis at Saadiyat Island and Cheval Blanc Randheli in the Maldives as well as Etihad International Hospitality, a facility management company.

from Asharq AL-awsat https://english.aawsat.com/home/article/3046326/alpha-dhabi-holding-list-adx