Abu Dhabi conglomerate International Holding Co (IHC) is considering acquisition of a real estate developer in Abu Dhabi, its chief executive told Reuters on Tuesday.
 
Syed Basar Shueb said IHC is close to acquiring a second-tier Abu Dhabi property developer without specifying the target or the deal value.
 
IHC holds a 12.21 percent stake in Aldar Properties, which was acquired in late March through its subsidiary Sublime Commercial Investment from Mubadala Investment Company for 3.5 billion UAE dirhams ($953 million), according to past statements from Mubadala and IHC. Listed on the Abu Dhabi bourse (ADX), Aldar Properties is the UAE’s biggest listed developer with a market capitalisation of 32.6 billion dirhams ($9 billion).
 
IHC is the most valuable company on the ADX with a market capitalisation of $72 billion.
 
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
 
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