Abu Dhabi Wealth Fund ADQ Takes 50% Stake in IHC’s Eltizam
ADQ Is Said to Take 50% Stake in IHC’s Eltizam Asset Management
(Bloomberg) -- Abu Dhabi sovereign wealth fund ADQ will take a 50% stake in International Holding Co. unit Eltizam Asset Management.
IHC issued shares worth 111.6 million dirhams ($30.4 million) in Eltizam to ADQ as part of the deal, according to a statement filed to the stock exchange on Sunday. Bloomberg reported details of the deal earlier.
United Arab Emirates national security adviser, Sheikh Tahnoon bin Zayed Al Nahyan, is chairman of both ADQ and IHC. IHC has been involved in numerous deals this year, with its assets ballooning to 58 billion dirhams in the second quarter, up 444% from the same period a year ago.
IHC shares have nearly quadrupled over the past year, making it the second-largest listed company in the UAE. Alpha Dhabi Holding PJSC, an IHC unit, is the biggest.
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