International Holding Company, the UAE's most-valuable listed company, will invest Dh1.4 billion ($381 million) in the follow-on share sale floated by Indian billionaire Gautam Adani’s flagship business last week.
The investment in Adani Enterprises' $2.5 billion further public offering (FPO) is IHC's first this year and part of the Abu Dhabi conglomerate's efforts to scale up and diversify its investments globally, it said on Monday.
The investment will be made through the group's subsidiary, Green Transmission Investment Holding.
“For the past three years, India has been a key investment destination for IHC," Syed Shueb, chief executive of IHC, told The National on Monday. "It is a large market that presents opportunities with monetary economic stability.
"Our trust in the Indian regulatory body for securities markets makes India an attractive destination for IHC."
IHC will be eyeing more acquisitions throughout this year, focusing on fast-growing economies, rapidly expanding equity markets and top investment destinations, it said.
It aims to increase its global acquisition by 70 per cent by the end of the year, with the clean energy and food processing sectors being a key focus. It will seek opportunities in Europe, Africa, Asia and South America, the company said.
"We are watching the international market closely for new prospects and we will continue exploring further opportunities outside our traditional market in 2023," Mr Shueb said.
IHC's investment comes as Adani Group is embroiled in a controversy after US investor Hindenburg Research last week said it was shorting the conglomerate's stocks.
In a January 24 report, Hindenburg accused companies controlled by Mr Adani, Asia’s richest man, of being involved in "brazen" market manipulation and accounting fraud.
Shares of the companies under the Adani Group umbrella plummeted as a result, with losses continuing on Monday. Companies in the conglomerate have lost a combined $68 billion in market capitalisation since Wednesday.
Late on Sunday, Adani Group fired back at Hindenburg, saying in a 413-page response that it had complied with all local laws and had made the necessary regulatory disclosures.
IHC on Thursday announced its interest to bid for the Adani Group's follow-on sale of shares, which began on Friday and runs until Tuesday.
"Our business decisions are purely based on an analysis of objective facts, aided by the use of business intelligence and our analytics tools, which help us to achieve the maximum benefits for our shareholders under the corporate governance regulation," Ahmad Ibrahim, IHC's head of marketing and corporate communication, told The National last week.
Monday's announcement is the second deal that IHC has forged with Adani Group after last year's Dh7.3 billion investment in three green-focused companies of the Indian conglomerate.
"The advantage of the [Adani] FPO is the historical reference for the company's earnings report, management, business practices and much data to bank on before making any investment decision," Mr Shueb said in the statement.
We are watching the international market closely for new prospects and we will continue exploring further opportunities outside our traditional market in 2023
Syed Shueb,
chief executive of International Holding Company
“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises; we see strong potential for growth from a long-term perspective and added value to our shareholders."
IHC was founded in 1998 as part of a move to diversify and develop non-oil business sectors in the UAE. The company had a market value of more than Dh878.5 billion at the close of trading on Monday.
In November, the company reported it had tripled its net profit to more than Dh6.4 billion in the third quarter of last year, while revenue grew by about 48 per cent to Dh12.4 billion.
In October, IHC made a foray into the South American market with a Dh734 million investment in Lulo Colombia, the holding company of Colombia’s first regulated digital bank, in which it acquired a 49.99 per cent stake.
IHC also boosted its portfolio by acquiring a 54 per cent stake in Abu Dhabi ICT provider Emircom for Dh250 million, and a 15 per cent stake in healthcare services provider Burjeel Holdings.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
COMPANY%20PROFILE
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Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
UAE currency: the story behind the money in your pockets
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
AUSTRALIA SQUAD
Tim Paine (captain), Sean Abbott, Pat Cummins, Cameron Green, Marcus Harris, Josh Hazlewood, Travis Head, Moises Henriques, Marnus Labuschagne, Nathan Lyon, Michael Neser, James Pattinson, Will Pucovski, Steve Smith, Mitchell Starc, Mitchell Swepson, Matthew Wade, David Warner
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360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
Killing of Qassem Suleimani
AT%20A%20GLANCE
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
