Abu Dhabi-based International Holding Company will repurchase shares worth Dh1.8 billion ($490 million) as part of its Dh5 billion share buyback programme announced earlier this year.
The first tranche, representing 36 per cent of the programme, is scheduled to start on November 18, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
The programme will be carried out on a monthly or quarterly basis, with multiple purchases in each tranche for a period of one year, with the possibility of extension subject to regulatory approval.
It was approved by IHC's shareholders during the general assembly in June.
“Launching the share buyback programme reaffirms our commitment to generating long-term value for our shareholders,” said Syed Shueb, IHC’s chief executive.
“With our robust cash flow and strong balance sheet, we are well positioned to implement this strategic initiative that reflects our confidence in IHC’s ongoing growth and market potential.”
IHC, founded in 1998 as part of a move to diversify and develop non-oil business sectors in the UAE, is among the most valuable listed holding companies in the Middle East.
It comprises more than 1,000 subsidiaries and plans to expand and diversify its holdings across asset management, health care, property and construction, marine and dredging, IT and communications, financial services, food production, utilities and services.
Some of the companies under its umbrella include Aldar Properties, Modon Properties, Adnec Group, Presight, Al Seer Marine and NMDC Group.
In January, it announced the formation of a new holding company, 2PointZero, which will have more than Dh100 billion in assets.
The new holding company will cover sectors including private equity and alternative investments, venture capital operations, asset management, financial services (micro financing and insurance), investment banking, securities brokerage and research, AI and technology, mineral and resource management, digital and cryptocurrency ecosystems, and mobility.
Last year, the company also increased its shareholding in Adani Enterprises, controlled by billionaire Gautam Adani, days after it sold off stakes in two other companies owned by the Indian businessman.
In September, NMDC Energy, a unit of IHC, was listed on the ADX after raising Dh3.22 billion from the sale of 1.15 billion shares, representing 23 per cent of its total share capital.
IHC is included in the FTSE ADX 15 Index, representing the top 15 largest and most liquid companies on the exchange.
IHC shares were trading 1.46 per cent higher when the market closed on Thursday, giving the company a market capitalisation of Dh897.1 billion.
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
Results for Stage 2
Stage 2 Yas Island to Abu Dhabi, 184 km, Road race
Overall leader: Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Fernando Gaviria COL (UAE Team Emirates) 2. Elia Viviani ITA (Deceuninck - Quick-Step) 3. Caleb Ewan AUS (Lotto - Soudal)
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
