The CEO says Pure Health’s IPO brought in more than $1 billion
The tech unit’s IPO is targeted in the third quarter, with assets worth $1 billion
He is considering issuing shares of International Energy Holding Company next year
You buy plans this year and next year, to get a big loan
From Youssef Saba and Rishna Opal
ABU DHABI (Reuters) – The global holding company plans to sell 20% of its technology unit in an initial public offering next year, the company’s chief executive told Reuters, adding that the United Arab Emirates’ International Humanitarian City is aiming for an initial public offering in the first quarter of the company. Pure Health to Pure Health Corporation. Raising more than 1 billion dollars.
The International Humanitarian City, which had risen from relative obscurity to become the largest publicly traded company in the United Arab Emirates with a value of more than $200 billion, was on the road to mergers and acquisitions.
This led two IHC subsidiaries to round up the top three companies on the Abu Dhabi Stock Exchange (ADX).
Asked about the plans of the International Technology Holding Company (ITH), CEO Syed Pasar Shoaib said IHC will likely list 20% of it in the third quarter and is in talks with local companies about potential acquisitions by the group that originated from sector properties. Information technology in the International City for Humanitarian Services.
Shuaib said ITH is expected to be worth more than half a billion dirhams ($136 million) and have assets of $1 billion by the second quarter.
The International Humanitarian City is part of a business empire overseen by its president, Sheikh Tahnoun bin Zayed Al Nahyan, who is also the national security advisor to the United Arab Emirates, and who has been working on the foreign policy problems of his brother, President Sheikh Mohammed bin Zayed Al Nahyan.
The company, whose market capitalization is greater than companies such as Shell, Disney and Nike, has played a key role in increasing the size of the Abu Dhabi Stock Exchange amid intense competition with Saudi Arabia.
The International Humanitarian City, its subsidiary Alfa Abu Dhabi, the second largest company on the Abu Dhabi Stock Exchange, and other IHC-related companies have all played a leading role in a series of initial public offerings in Abu Dhabi as anchor investors.
Pure Health, under the management of Alfa Abu Dhabi, aims to raise more than $1 billion in an initial public offering for the first quarter that has been delayed this year.
“It will be more than $1 billion, but the size depends on how much we put on the market. I don’t think we can go beyond 10%, otherwise we will take all the liquidity out of the market and that will affect other players,” Schwepp said.
Pure Health has played a major role in testing the UAE for COVID-19. Its merger with the state-owned Abu Dhabi Health Services Company (SEHA), which Schweib said has nearly 24,000 employees, is taking longer than expected, delaying the IPO.
Al-Madina International Holding, which has completed four IPOs this year and plans a similar number in 2023, has not yet named banks to go public for Pure Health, Schweib said, adding that it is studying the possibility of a 2023 IPO for International Energy Holding.
The International Humanitarian City, which has interests from real estate to agriculture, said the total value of the acquisition in the third quarter exceeded 13.5 billion dirhams, and plans to increase by 70% globally over the next year.
Schweib said he is in talks with international banks to obtain long-term financing for the purchases planned for 2023, adding that this would be equivalent to a large percentage of the IHC’s cash position.
Some IHC companies could eventually issue their own bonds, Schweib said, without elaborating.
“We’ll have to create some debt on our balance sheet as well so we can continue to invest.”
Schweib said the International Humanitarian City is considering two potential investments in India worth more than $2 billion each, after investing $2 billion in Adani Group companies in April.
May announce up to two international acquisitions and purchase a UAE-listed hospitality company before the end of 2022.
“We’re looking at Colombia and Asia – primarily Indonesia and India – those are the two main markets that we operate in.”
This month, IHC’s bid to buy a stake in Colombian food producer Nutresa failed because it couldn’t secure the stake size it wanted. Schweib said IHC will continue to look for opportunities in other Latin American countries. ($1 = AED 3.6729) (Reporting by Yusef Saba and Rishna Uppal; Editing by Alexander Smith)