Abu Dhabi-based International Holding Company will repurchase shares worth Dh1.8 billion ($490 million) as part of its Dh5 billion share buyback programme announced earlier this year.
The first tranche, representing 36 per cent of the programme, is scheduled to start on November 18, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
The programme will be carried out on a monthly or quarterly basis, with multiple purchases in each tranche for a period of one year, with the possibility of extension subject to regulatory approval.
It was approved by IHC's shareholders during the general assembly in June.
“Launching the share buyback programme reaffirms our commitment to generating long-term value for our shareholders,” said Syed Shueb, IHC’s chief executive.
“With our robust cash flow and strong balance sheet, we are well positioned to implement this strategic initiative that reflects our confidence in IHC’s ongoing growth and market potential.”
IHC, founded in 1998 as part of a move to diversify and develop non-oil business sectors in the UAE, is among the most valuable listed holding companies in the Middle East.
It comprises more than 1,000 subsidiaries and plans to expand and diversify its holdings across asset management, health care, property and construction, marine and dredging, IT and communications, financial services, food production, utilities and services.
Some of the companies under its umbrella include Aldar Properties, Modon Properties, Adnec Group, Presight, Al Seer Marine and NMDC Group.
In January, it announced the formation of a new holding company, 2PointZero, which will have more than Dh100 billion in assets.
The new holding company will cover sectors including private equity and alternative investments, venture capital operations, asset management, financial services (micro financing and insurance), investment banking, securities brokerage and research, AI and technology, mineral and resource management, digital and cryptocurrency ecosystems, and mobility.
Last year, the company also increased its shareholding in Adani Enterprises, controlled by billionaire Gautam Adani, days after it sold off stakes in two other companies owned by the Indian businessman.
In September, NMDC Energy, a unit of IHC, was listed on the ADX after raising Dh3.22 billion from the sale of 1.15 billion shares, representing 23 per cent of its total share capital.
IHC is included in the FTSE ADX 15 Index, representing the top 15 largest and most liquid companies on the exchange.
IHC shares were trading 1.46 per cent higher when the market closed on Thursday, giving the company a market capitalisation of Dh897.1 billion.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
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Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
