Shareholders of Abu Dhabi-based International Holding Company (IHC) have approved a plan to repurchase shares worth up to AED 5 billion ($1.36 billion), according to a disclosure following the company’s annual general assembly on March 16.
The proposed buyback represents about 0.6% of the company’s total shares. The board of directors has been authorized to take the necessary resolutions to implement the programme.
The repurchase will be carried out in coordination with the Securities and Commodities Authority and the Abu Dhabi Securities Exchange (ADX).
IHC did not provide further details on the timing of the repurchase in the latest disclosure, but the move comes as the conglomerate seeks to enhance shareholder value.
In June 2024, a buyback valued at up to AED 5 billion ($1.4 billion) was announced by IHC and aimed at strengthening shareholder returns by improving earnings per share (EPS).
The company had cited its strong balance sheet, significant cash flow and robust financial position as reasons for proceeding with the repurchase programme.
At the time, IHC reported strong financial performance, including a sharp increase in profit driven by growth across sectors such as real estate, construction, technology, marine and dredging, food and services, underscoring the group’s diversified business model.