International Holding Co. surged to become the most valuable listed company in the United Arab Emirates after its unit Alpha Dhabi Holding PJSC made its trading debut in Abu Dhabi.
IHC’s shares rose 15%, the maximum allowed, to 110.8 dirhams. That took its market capitalization to 202 billion dirhams ($55 billion), surpassing Emirates Telecommunications Group.
IHC has the backing of Abu Dhabi’s ruling family, with investments ranging from Elon Musk’s SpaceX to a local fishery company. It’s ultimately controlled by the Royal Group, a conglomerate that lists the United Arab Emirates national security adviser Sheikh Tahnoon Bin Zayed Al Nahyan as chairman.
Alpha Dhabi traded as high as 20 dirhams in a direct listing. It’s an investment holding company with operations spread across sectors ranging from real estate to hospitality. IHC in April bought 45% of Alpha Dhabi, which holds a stake in Abu Dhabi’s biggest property developer.
No comments:
Post a Comment