IHC surges on subsidiary Alpha Dhabi's bourse debut (updated)

Sa Sa International Holdings

27/06/2021 09:11

(Adds closing prices, market cap)
    DUBAI, June 27 (Reuters) - International Holding's  IHC.AD 
shares rose nearly 15% on Sunday after its subsidiary Alpha
Dhabi Holding made its stock market debut on the Abu Dhabi
bourse.
    Alpha Dhabi, in which IHC holds a 45% stake, opened at 20
dirhams a share, but eased to 15 dirhams by close, giving it a
market value of 150 billion dirhams ($40.8 billion). 
    Alpha Dhabi  ALPHADHABI.AD  in turn holds a 12.1% stake in
Aldar Properties  ALDAR.AD , which it bought in March.
    IHC, whose shares are up by more than nearly 164%
year-to-date, closed at 110.8 dirhams, commanding a market value
of 201.7 billion dirhams.
    Abu Dhabi stock market  .ADI  also ended 2% higher.
    Sheikh Tahnoon Bin Zayed al-Nahyan, the United Arab Emirates
national security adviser and brother of UAE's de-facto ruler
Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, is  
  chairman of IHC, which has been through a rapid expansion.
    This has been reflected in its results and last month IHC
posted a net profit of 1.5 billion dirhams ($408 million) for
the first-quarter, up from 112.2 million dirhams a year earlier
 urn:newsml:reuters.com:*:nFWN2MS1N1
 ($1 = 3.6728 UAE dirham)

 (Reporting by Saeed Azhar in Dubai and Ateeq Shariff in
Bengaluru; Editing by Alexander Smith)
 ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters
Messaging: saeed.azhar.reuters.com@reuters.net))