Abu Dhabi conglomerate International Holding Company (IHC) is set to proceed with the plan to buy back shares for up to AED 5 billion ($1.36 billion).

The buyback proposal obtained the approval of shareholders at the Annual General Assembly on Monday, March 16, according to a disclosure. 

The repurchase constitutes 0.6% of the company’s total shares.

The board of directors is now authorised to take all necessary resolutions to implement the repurchase.

The share buyback will be implemented in coordination with the Capital Market Authority and the Abu Dhabi Securities Exchange.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com