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    ALDAR   AEA002001013

ALDAR PROPERTIES PJSC

(ALDAR)
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Exclusive-Abu Dhabi conglomerate IHC eyes deals worth 'a few billion dollars', CEO says

08/24/2021 | 01:16am EDT
FILE PHOTO: Buildings are pictured in Abu Dhabi

DUBAI (Reuters) - Abu Dhabi conglomerate International Holding Co is considering acquisitions worth a few billion dollars in total across several sectors, including a real estate developer in Abu Dhabi, its chief executive Syed Basar Shueb told Reuters.

IHC, now the most valuable company on the Abu Dhabi bourse with a market capitalisation of $72 billion, is also considering a 2022 initial public offering (IPO) for its majority-owned healthcare firm Pure Health, Shueb said in an interview. Pure Health has played a pivotal role in screening for COVID-19 infections in the United Arab Emirates.

Shueb also said the tightly held conglomerate, active in sectors from food to leisure, is close to acquiring a second-tier Abu Dhabi property developer, which would add to its indirect minority stake in Aldar Properties. He didn't identify any targets, nor specify how much the real estate deal might be worth.

"All the sectors across the nine verticals we are operating (in), we are looking for an acquisition," Shueb said. "There are a few billion dollars of acquisitions we are looking at."

IHC is also looking at three or four targets in the food sector, as well as eyeing targets in the healthcare and leisure and retail sectors, he said.

Shueb said the new deals will be funded by bank loans for the first time, while next year the firm plans to issue debut bonds, which would help it secure a credit rating for more transparency.

IHC has reported surging earnings over the past year and a half, and its share price has more than tripled this year to 146.1 dirhams, as of Monday's close. In June, it overtook telecommunications firm Etisalat as the most valuable company on the Abu Dhabi bourse.

Its shares are closely held by a group headed by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates' national security adviser and a brother of the country's de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed. Royal Group, whose chairman is Sheikh Tahnoun, owns about 74% of IHC. Tahnoun is also chairman of IHC.

Shueb said IHC plans to list six companies this year in total, giving domestic investors more opportunities in the Abu Dhabi market.

But he said there are no plans to pay dividends. Instead, the aim is for the growth of IHC's operations and investment in its businesses to support a rise in the share price.

"We acquire, restructure, consolidate in our businesses, with diversification and then divestment," Shueb said.

($1 = 3.6726 UAE dirham)

(Reporting by Saeed Azhar and Davide Barbuscia; Editing by Kenneth Maxwell)

By Saeed Azhar and Davide Barbuscia


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALDAR PROPERTIES PJSC 0.00% 4.01 End-of-day quote.27.30%
EMIRATES TELECOMMUNICATIONS GROUP COMPANY PJSC 1.11% 25.4 End-of-day quote.50.30%
INTERNATIONAL HOLDING COMPANY PJSC -0.41% 146.4 End-of-day quote.248.57%
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Financials
Sales 2021 9 132 M 2 486 M 2 486 M
Net income 2021 2 167 M 590 M 590 M
Net Debt 2021 1 114 M 303 M 303 M
P/E ratio 2021 14,5x
Yield 2021 3,71%
Capitalization 31 529 M 8 584 M 8 585 M
EV / Sales 2021 3,57x
EV / Sales 2022 3,80x
Nbr of Employees 2 891
Free-Float 55,1%
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Number of Analysts 7
Last Close Price 4,01 AED
Average target price 4,04 AED
Spread / Average Target 0,78%
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Managers and Directors
Talal Al-Dhiyebi Chief Executive Officer
Gregory Howard Fewer Chief Financial & Sustainability Officer
Mohammed Khalifa Al-Mubarak Chairman
Mohammad H. Abedalrahman Chief Compliance Officer
David Dudley Executive Director-Investments & Partnerships