Shares in Multiply Group, a subsidiary of International Holding Company (IHC), began trading on the Abu Dhabi Securities Exchange’s (ADX) main board on Sunday under the ticker MULTIPLY.
The market debut was marked by a bell-ringing ceremony at ADX attended by Syed Basar Shueb, Chief Executive Officer of IHC; Saeed Hamad Al Dhaheri, CEO of ADX and André Sayegh, Chairman of Multiply Group and Samia Bouazza, CEO and Board Member of Multiply Group.
Multiply Group became the eighth IHC subsidiary to list on the ADX in less than a year, as part of the IHC’s long-term strategy to widen shareholder base and pursue new growth opportunities.
Multiply Group, which had assets of AED8.16 billion ($2.2 billion) and 3,240 employees, 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, local media reports said.
The group plans further growth organically and through scalable acquisitions, focusing on digital innovation in diverse sectors, including automotive, utilities, capital, wellness, and communications.
Samia Bouazza, CEO and Board Member of Multiply Group said: “Listing on the Abu Dhabi Securities Exchange is an opportunity to broaden our shareholder base and provide ADX investors with access to a differentiated investment portfolio. This is the beginning of a new journey. Our number one commitment is achieving both growth and maximizing shareholder value.”
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.
Al Dhaheri said: “The strong pipeline of listings that we have experienced this year has supported an expansion in our market capitalization to over AED 1.5 trillion.”