ADQ Abu Dhabi buys 50% of Eltizam Asset Management capital from IHC
Abu Dhabi holding company ADQ purchases a 50 percent stake in Eltizam Asset Management, a subsidiary of International Holding Company (IHC), as it continues to strengthen its portfolio.
IHC issued Dh111.6million ($ 30.4million) shares in Eltizam to ADQ as part of the deal, he said in a statement. declaration Sunday at the Abu Dhabi Securities Exchange where its shares are traded.
Eltizam is a physical asset management company, which operates in the UAE and the wider GCC. It recently acquired Inspire Integrated, which specializes in infrastructure and real estate management, facility management and project delivery services.
“Eltizam has a proven track record as a successful business model and has accretive value for ADQ’s portfolio,” said Roque Solabarrieta, Director of Investments at ADQ.
ADQ’s business portfolio includes Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, healthcare provider Seha, insurer Daman, Abu Dhabi National Exhibitions Company and media companies Abu Dhabi Media and twofour54.
The Abu Dhabi state-owned holding company, established in 2018, reached a definitive deal last month to purchase Swiss pharmaceutical company Acino, marking its biggest contract to date in the healthcare sector and pharmaceutical products.
It also plans to buy up to 90 percent of the share capital of Sixth of October for Development and Investment Company in Egypt with Aldar Properties of Abu Dhabi.
Abu Dhabi-based conglomerate IHC plans to strengthen its portfolio through mergers and acquisitions and strategic investments in a number of sectors, including real estate, agriculture, health, food and beverage, utilities and industries.
The company’s wave of acquisitions in the first six months of 2021 has resulted in substantial growth in its balance sheet and value. At the end of June, its total assets stood at Dh58.32 billion, compared to Dh14.01 billion at the end of last year.
IHC became Abu Dhabi’s most valuable listed company on June 27, when its shares jumped about 15% after its subsidiary Alpha Dhabi went public.
Updated: October 3, 2021, 3:04 PM