ABU DHABI / WAM
Multiply Group, a subsidiary of International Holding Company (IHC), will list directly on the Abu Dhabi Securities Exchange (ADX) on December 5, offering investors the opportunity to invest in the field of disruptive digital technology and other key industries.
Multiply Group, which had assets of AED 8.16 billion and 3,240 employees as at end of September, has expanded rapidly in the last year through a series of acquisitions in the UAE and abroad to build a diversified portfolio of high-return businesses.
The group intends to pursue further growth, organically and through scalable acquisitions, focusing on digital innovation in diverse sectors, including automotive, utilities, capital, wellness, and communications.
Syed Basar Shueb, CEO & Managing Director and Board Member of IHC, said: “Multiply Group will become the eighth IHC subsidiary to list on the ADX in less than a year, as part of our long-term strategy to widen our shareholder base and pursue new growth opportunities. Multiply is one of our most innovative, tech-driven portfolio companies and is well placed to capitalize on the rapid growth of the digital economy, both in the region and globally.”
Samia Bouazza, CEO and Board Member of Multiply Group said: “Listing on the ADX elevates the profile of Multiply Group, not only among regional and international investors, but also in the global technology ecosystem. After a strong deal-making phase, we are ready to take the next big leap as we continue to grow our portfolio organically and inorganically. With the strong growth momentum we are currently witnessing, we are set to continue investing in tech-driven companies that complement our expanding ecosystem and be at the forefront of the next phase of digital transformation”.
In recent months, Multiply Group has made a number of strategic investments including stakes in Emirates Driving Company, US-based digital media platform Firefly, and the full acquisition of integrated communications company Viola. The Group’s combined portfolio strikes a balance between companies that generate recurring income and high-growth businesses.