Abu Dhabi-based conglomerate International Holding Co. (IHC) has completed a 17% capital raise, bringing in Infinity Wave Holding as a "strategic shareholder."
The conglomerate, which has the largest market cap on the Abu Dhabi Securities Exchange (ADX), raised its capital to 2.1 billion dirhams ($572 million) from AED1.8 billion by issuing 372,111,314 IHC's shares to Infinity Wave. In return IHC acquired Infinity Wave's shares in the ADX-listed companies Alpha Dhabi Holding, Multiply Group, and Al Seer Marine, IHC said in a regulatory filing on ADX.
The capital raise, which puts IHC amongst the world’s top 10 largest companies by market cap, is an important step for executing its growth plans and making further strategic acquisition, it added.
(Writing by Brinda Darasha; editing by Seban Scaria)