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Abu Dhabi-based conglomerate has called a shareholders meeting on Nov. 9, seeking approval on the entry of Infinity Wave Holding as a strategic shareholder in the company. IHC will acquire Infinity's shares in Alpha Dhabi Holding, Multiply Group, and Al Seer Marine in exchange for issuing capital increase shares in the company. Shares in the group jumped by 8.3%.
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The deal will be completed 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 will see Infinity allotted 372.11 million of these IHC shares. IHC is currently awaiting shareholder approval to push ahead with the share increase.
Why it matters
Majority-owned by Abu Dhabi's PAL group of companies, IHC is rapidly expanding its portfolio through local and global acquisitions as well as investments and currently comprises more than 30 entities with 52,345 employees. Adding to that, 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.
