IHC’s Multiply Group starts trading on Abu Dhabi Securities Exchange

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UAE
  • Date: 05-Dec-2021
  • Source: Gulf Business
  • Sector:Financial Markets
  • Country:UAE
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IHC’s Multiply Group starts trading on Abu Dhabi Securities Exchange

Multiply Group, a subsidiary of International Holding Company (IHC), has begun trading its shares on the Abu Dhabi Securities Exchange’s (ADX) main board today. The market debut was marked by a bell ringing ceremony at ADX attended by Syed Basar Shueb, board member, CEO and managing director of IHC; Saeed Hamad Al Dhaheri, chief executive officer of ADX; and André Sayegh, chairman of Multiply Group, and Samia Bouazza, CEO and board member of Multiply Group. The company, which had assets of Dhs8.16bn and 3,240 employees as at end of September 2021, is pursuing a growth strategy focused on digital innovation across a number of sectors, including automotive, utilities, capital, wellness and communications, a statement said. The company became IHC’s eighth subsidiary to list on the exchange. Saeed Hamad Al Dhaheri, CEO of ADX, said: “We are pleased to welcome Multiply Group to ADX as a valuable contribution to the diverse investment offering on the exchange. The strong pipeline of listings that we have experienced this year has supported an expansion in our market capitalisation to over Dhs1.5 trillion. Increased capital markets activity, together with the strong growth potential of companies in our region, has attracted strong investment flows to ADX,