The group intends to continue to grow, organically and through scalable acquisitions, focusing on digital innovation in various sectors.
Multiply Group will become the eighth IHC subsidiary to be listed on the ADX in less than a year. – Reuters archive photo
Multiply Group, a subsidiary of International Holding Company (IHC), will be listed directly on the Abu Dhabi Securities Exchange (ADX) on December 5, offering investors the opportunity to invest in disruptive digital technology and ‘other key industries.
In a statement released on Monday, the Abu Dhabi conglomerate said Multiply Group had grown rapidly last year through a series of acquisitions in the UAE and overseas to build a diverse portfolio of companies. high efficiency.
The group had assets of 8.16 billion dirhams and 3,240 employees at the end of September, IHC announced on Monday in a stock exchange filing. It intends to continue to grow, organically and through scalable acquisitions, focusing on digital innovation in various sectors including automotive, utilities, capital, welfare. and communications.
Syed Basar Shueb, CEO and Managing Director and Board Member of IHC, said Multiply Group will become the eighth IHC subsidiary to be listed on the ADX in less than a year.
“Multiply is one of our most innovative and technology-driven portfolio companies and is well positioned to take advantage of the rapidly growing digital economy, both in the region and globally,” a- he declared.
IHC, which has a market capitalization of $ 75 billion, said in October that the planned transaction could value Multiply between Dh 8 and 10 billion.
“ADX registration raises the profile of Multiply Group, not only among regional and international investors, but also in the global technology ecosystem. After a solid negotiation phase, we are ready to take the next big step by continuing to grow our portfolio both organically and inorganically ”, said Samia Bouazza, CEO and Board Member of Multiply Group.
Over the past few months, Multiply Group has made a number of strategic investments, including stakes in Emirates Driving Company, the US-based digital media platform Firefly, and the full acquisition of integrated communications company Viola.
“With the strong growth momentum we are experiencing today, we are poised to continue investing in technology-driven companies that complement our expanding ecosystem and are at the forefront of the next phase of digital transformation.” , said Bouazza.
Direct listings allow companies to go public without the traditional and more expensive IPO. The ADX exchange has seen a wave of new listings this year, including companies owned by oil giant Abu Dhabi National Oil Co (Adnoc) and public investor Mubadala.