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Source: http://khaleejtimes.com
Alpha Dhabi Holding, in which IHC holds a 45 per cent stake, opened at Dh20 a share before easing to Dh15, giving it a market value of more than Dh175 billion
The Abu Dhahi stock market started the week on positive note and outperformed other Gulf bourses as International Holding (IHC) shares surged following listing of its unit on the Abu Dhabi Securities Exchange on Sunday.
Alpha Dhabi Holding, in which IHC holds a 45 per cent stake, opened at Dh20 a share before easing to Dh15, giving it a market value of more than Dh150 billion.
The Abu Dhabi’s main index closed 1.99 per cent up to 6,706.65 points buoyed by a 15 per cent surge in International Holding share price at Dh110.8. The ADX market capitalisation crossed over Dh1 trillion for the first time ever and is currently the world’s fourth-best performing stock market.
Reem, NMDC and ADSB shares also supported the benchmark index and surged 14.93 per cent, eight per cent and 5.52 per cent, respectively. First Abu Dhabi shares closed 0.37 per cent down at Dh16.2.
Strong vote of confidence
Mohamed Ali Al Shorafa Al Hammadi, Chairman of ADX, said, the listing of Alpha Dhabi on the Abu Dhabi Securities Exchange represents a strong vote of confidence in our exchange and reinforces the success of the ‘ADX One’ strategy in creating a dynamic equity and debt capital market ecosystem.
“The ADX is a core pillar of the Emirate’s ambitions to further diversify its economy and foster a business environment that nurtures innovation and creates sustainable growth opportunities for investors,” he said.
Saeed Hamad Al Dhaheri, chief executive of ADX, welcomed Alpha Dhabi to the Abu Dhabi Securities Exchange, the 99th listing on the fast-growing exchange.
“The efforts we have made to incentivise listings and reduce transaction costs as part of our ADX One strategy have rapidly attracted new companies and enhanced market liquidity, as demonstrated by our robust performance this year. During the first five months of 2021, the exchange’s market capitalisation reached a record of over Dh950 billion and our benchmark equity index is currently the world’s fourth-best performing stock measure,” he said.
Special day for Alpha Dhabi
Mohamed Thani Murshed Al Rumaithi, chairman of Alpha Dhabi Holding, said today’s listing is a resounding vote of confidence for Alpha Dhabi in our journey of becoming a globally recognised investment holding company and to support our growth plans into our key verticals: industry, healthcare, capital, construction and hospitality.
“We are really pleased to have gained the support of key institutional and retail shareholders and we would like to thank all our key stakeholders for getting us market-ready,” he said.
Syed Basar Shueb, CEO and managing director of IHC, said this is an incredibly special day for Alpha Dhabi.
“As a key shareholder, we would like to thank all the hardworking management team and employees who have made today possible. The company has such great potential and is entering now a hugely exciting expansion phase. This listing will help support this phase. We also like to thank the ADX with preparing the paths for Alpha Dhabi to list its shares,” he said.
International Holding (IHC), a holding company operating in the healthcare, construction and hospitality sectors, has gone through rapid expansion across its major business sectors. Last month, it posted a net profit of Dh1.5 billion for the first quarter, up from Dh112.2 million a year earlier. The company shares surged more than 163 per cent this year so far, commanding a market value of Dh201.7 billion.
Dubai index up 0.47%
Dubai’s main share index also gained 0.47 per cent and closed at 2,870.69 points, with blue-chip developer Emaar Properties gaining 1.18 per cent, while Sharia-compliant lender Dubai Islamic Bank posting 0.2 per cent. Emaar Malls also surged 1.44 per cent at Dh2.10.
In other Gulf markets, Saudi Arabia’s benchmark index rose 0.43 per cent and closed at 10,966.71 points. The benchamark index was bolstered by Al Rajhi Bank and Sahara International Petrochemical Company (Sipchem).
In Qatar, the index eased 0.2 per cent to 10,740 points while Oman’s measure fell 0.1 per cent to 4,045 points. The main indices of Kuwait and Bahrain recorded gains of 0.2 per cent and 0.3 per cent, respectively.