IHC surges on subsidiary Alpha Dhabi's Abu Dhabi debut | ZAWYA MENA Edition
International Holding's shares rose more than 14% on Sunday after its subsidiary Alpha Dhabi Holding made its stock market debut on the Abu Dhabi bourse.
Alpha Dhabi, in which IHC holds a 45% stake, opened at 20 dirhams a share, but eased to 17.70 dirhams trade, giving it a market value of 177 billion dirhams ($48.19 billion).
Alpha Dhabi in turn holds a 12.1% stake in Aldar Properties, which it bought in March.
IHC, whose shares are up by more than 162% year-to-date, was trading at 110.8 dirhams, up 14.45% at 0709 GMT.
Sheikh Tahnoon Bin Zayed al-Nahyan, the United Arab Emirates national security adviser and brother of UAE's de-facto ruler Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, is chairman of IHC, which has been through a rapid expansion.
This has been reflected in its results and last month IHC posted a net profit of 1.5 billion dirhams ($408 million) for the first-quarter, up from 112.2 million dirhams a year earlier.
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