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.