- Listing to commence in late December 2020
- Investors will have chance to purchase shares in three growth companies
Abu Dhabi: Three subsidiaries of Abu Dhabi Securities Exchange (ADX) listed International Holding Company (IHC) will be listed on the exchange’s Second Market commencing late December 2020. It will give current and new investors an opportunity to participate in the growth of the companies, as well as benefitting IHC as a result of increased profile raising and higher visibility from these companies.
Palms Sports
Palms Sports will start trading on December 21 under the trading symbol PALMS. The company’s nominal value of share capital is AED 150 million, with each share having a nominal value of AED 1. Since its founding in 2010, Palms Sports has grown rapidly into a leading provider of sports education programs in the UAE, as well as managing large-scale sports events and providing sports marketing services. The company had assets of AED 344.5 million as at the end of September 2020 and over 700 employees.
Zee Stores
The second of the companies to list is Zee Stores, which will debut on December 23 under the trading symbol ZS. The company, which trades and imports fresh consumables as well as canned, preserved and frozen foods, has a nominal share capital of AED 100 million, with each share having a nominal value of AED 1. Founded in 2002, Zee Stores has assets of AED 189 million as at the end of September 2020.
Easy Lease
Easy Lease, a supplier of rental motorcycles to the fast-growing delivery and courier sector, will list after December 27. The company has a nominal share capital of AED 30 million, with each share having a nominal value of AED 1. Easy Lease, which was established in 2011, had assets of AED 74.1 million as at the end of September 2020.
Syed Basar Shueb, CEO and Managing Director of IHC, said:
“IHC has developed into a diversified holding company with global interests. However, many of our fastest growing companies are homegrown in the UAE and are benefitting from shifting consumer and investment trends in the country. Palms Sports, Zee Stores and Easy Lease are well established firms with a consistent track record of business expansion in recent years. They are SMEs that benefit from strong institutional financial backing and extensive regional business networks. By listing on the ADX’ Second Market, these ambitious companies are offering investors an exceptional opportunity to participate directly in the early to mid-stage growth phase of their corporate development.”
Listed on ADX since 2005, IHC is today a powerful holding company that has expanded its operations to encompass nine verticals including real estate, healthcare, food and agriculture.
In the second half of this year, IHC and its subsidiaries have announced several new investments. These include Falcon CI IV LP, a fund that owns a stake in SpaceX, Elon Musk’s aerospace company; Oxford Nanopore, a high-tech UK SME with an innovative COVID-19 testing product; a partnership with DAL Group for a significant agricultural development in Sudan; and Multiply’s acquisition of a stake in New York data-driven marketing firm YieldMo.
-Ends-
Contact details:
Linda Ballout
Investor Relations Officer
E-mail: info@ihcuae.com
International Holding Company PJSC
International Holding Company
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.
© Press Release 2020
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