Abu Dhabi’s International Holding Company has bought a 25 per cent stake in Dubai-based trading company Invictus through one of its subsidiaries.
IHC Food Holding will make buy the stake through a subsidiary, the company said in a brief statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Established in Jafza in 2014, Invictus Trading initially managed raw material import requirements for Sudan-based manufacturing conglomerate DAL Group. It has since expanded operations, specialising in trading various commodities, agri-food and finished goods across Africa, the Middle East and Asia.
Financial details of the deal, which is subject to regulatory approvals, were not provided.
IHC, majority-owned by Abu Dhabi's PAL group of companies, includes more than 30 entities with a portfolio of 323 subsidiaries as of the end of March.
The conglomerate is expanding and diversifying its holdings across a number of sectors such as real estate, agriculture, health care, food and beverage, utilities, retail and leisure, among others.
It is also included in the FTSE ADX 15 Index, which represents the top 15 largest and most liquid companies on the ADX.
IHC made a number of new investments last year, including acquiring a controlling stake in Abu Dhabi-based investment company Al Qudra Holding and a 60 per cent stake in Afkar Financial and Property Investments.
It also holds a 48 per cent share in Emirates Driving Company and a 60 per cent interest in Royal Horizon Holding and its subsidiaries, among others.
Last month, the company completed a deal to invest Dh7.3 billion ($1.94bn) in the Indian business conglomerate Adani Group, which is led by billionaire industrialist Gautam Adani.
IHC also committed to invest $50 million in Borouge's $2bn initial public offering on the ADX, the biggest share sale on the exchange.
Late last month, its subsidiary Al Seer Marine also bought two liquefied petroleum gas tankers worth Dh246m to tap into higher demand for charter vessels to transport LNG globally.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
Roger Federer's 2018 record
Australian Open Champion
Rotterdam Champion
Indian Wells Runner-up
Miami Second round
Stuttgart Champion
Halle Runner-up
Wimbledon Quarter-finals
Cincinnati Runner-up
US Open Fourth round
Shanghai Semi-finals
Basel Champion
Paris Masters Semi-finals
RESULT
Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')
