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- Multiply Group had assets of AED 8.16 billion and 3,240 employees as at end of September 2021
Abu Dhabi, UAE : Shares in Multiply Group, a subsidiary of International Holding Company (IHC), began trading on the Abu Dhabi Securities Exchange’s (ADX) main board on the 05 December 2021 under the ticker MULTIPLY.
The market debut was marked by a bell ringing ceremony at ADX attended by Syed Basar Shueb, Board Member, Chief Executive Officer and Managing Director of IHC; Saeed Hamad Al Dhaheri, Chief Executive Officer of ADX; and André Sayegh, Chairman of Multiply Group, Samia Bouazza, CEO and Board Member of Multiply Group.
The listing of Multiply Group offers investors the opportunity to participate in the growth of a diversified tech-focused portfolio. The company, which had assets of AED 8.16 billion and 3,240 employees as at end of September 2021, is pursuing a growth strategy focused on digital innovation in a number of sectors, including automotive, utilities, capital, wellness and communications.
Saeed Hamad Al Dhaheri, CEO of ADX, said: “We are pleased to welcome Multiply Group to ADX as a valuable contribution to the diverse investment offering on the exchange. The strong pipeline of listings that we have experienced this year has supported an expansion in our market capitalisation to over AED 1.5 trillion. Increased capital markets activity, together with the strong growth potential of companies in our region, has attracted strong investment flows to ADX, making ADX General Index (ADI) one of the best performing indexes in the world in 2021.”
Samia Bouazza, CEO and Board Member of Multiply Group said: “Listing on the Abu Dhabi Securities Exchange is an opportunity to broaden our shareholder base and provide ADX investors with access to a differentiated investment portfolio. This is the beginning of a new journey. Our number one commitment is achieving both growth and maximizing shareholder value. In a fast-paced world where digital transformation is essential to accelerate business growth, we target tech-led acquisitions and empower our subsidiaries to adopt innovative solutions to gain excellence and become market leaders in their industries.”
Multiply Group has made a series of acquisitions in the UAE and abroad in the last year to build a diversified portfolio of high-return businesses. These strategic investments include stakes in Emirates Driving Company, US-based digital media platform Firefly, and the full acquisition of integrated communications company Viola.
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International Holding Company (IHC)
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.
Multiply Group
Multiply Group is an Abu Dhabi-based tech-focused holding company with global presence across five industries, including automotive, utilities, capital, wellness and communications. The Group’s diversified portfolio strikes a balance between steady companies that generate recurring income and high-growth businesses.
With a forward-thinking outlook, the Group continues to expand by organically growing existing businesses, empowering them with capital, technology and tools to acquire or create innovative solutions, gain operational excellence and become leaders in their industries. In terms of inorganic growth, Multiply Group pursues disruptive, tech-driven and scalable acquisitions, with rapid growth potential, particularly focusing on the digital economy.
Major shareholders of Multiply Group include International Holding Company (IHC), one of the fastest growing and most valuable companies in the UAE.
Media Contacts
IHC
Ahmad Ibrahim
Head of Corporate Communication & Media
Ahmad.ibrahim@ihcuae.com
© Press Release 2021
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