IHC subsidiary Multiply to list directly on Abu Dhabi's main market | Reuters
Multiply Group, a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC.AD) (IHC), will list directly on the Abu Dhabi Securities Exchange on Dec. 5, IHC said on Monday.
Direct listings allow companies to list on the stock market without a traditional and more costly initial public offering.
In October, CEO Syed Basar Shueb told Reuters that IHC was planning to offer shares in Multiply, a holding company that invests in tech-focussed businesses, through an IPO. read more
An IHC spokesperson on Monday did not immediately respond to a request for comment on why those plans were changed.
Multiply had assets of 8.2 billion dirhams ($2.23 billion) at the end of September, IHC said in its bourse filing on Monday.
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