Multiply Group, a subsidiary of International Holding Company (IHC), will list directly on the Abu Dhabi Securities Exchange (ADX) on 5 December 2021, offering investors the opportunity to invest in the field of disruptive digital technology and other key industries.
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 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 ADX elevates the profile of Multiply Group, not only among regional and international investors but also in the global technology ecosystem.”
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.
