Abu Dhabi's megacorp IHC wants to bring Infinity Wave Holdings as 'strategic shareholder'
IHC shares shoot up as company confirms capital hike move to rope in new investor
Dubai: Another big consolidation is afoot in Abu Dhabi, with IHC calling on shareholder approval for the entry of Infinity Wave Holdings as a ‘strategic’ investor in the company. This will be done through IHC’s acquisition of Infinity’s holdings in Alpha Dhabi Holding, Multiply Group and Al Seer Marine Supplies & Equipment.
The deal will be consummated in exchange for issuing new IHC shares to Infinity. This will see the IHC capital rise to Dh2.19 billion from Dh1.82 billion currently, and which will see Infinity allotted 372.11 million of these IHC shares.
More than 317.45 million in value was generated at the IHC counter on ADX on Tuesday, with the stock up 7.77 per cent to Dh386.9.
This is the second major consolidation move in Abu Dhabi in consecutive days, with ADQ Aviation making an offer to bring in 3 group entities into the fold of Abu Dhabi Aviation. It would create one of the bigger MRO players in the aviation services business and place Abu Dhabi as a major hub.