Abu Dhabi, UAE – October 12, 2024 – International Holding Company (IHC), the globally diversified conglomerate based in Abu Dhabi, has announced the launch of a Dh5 billion share buyback programme, starting with an initial tranche of Dh1.8 billion. This represents 36% of the total programme and is scheduled to commence on Monday, November 18, 2024.
The programme, which was approved during IHC’s general assembly on June 20, 2024, and subsequently endorsed by the board, is set to run for one year. However, it may be extended subject to regulatory approval. The buyback will be executed in multiple tranches on a monthly or quarterly basis, with purchases taking place within each tranche. Each tranche will be disclosed in compliance with the Abu Dhabi Securities Exchange (ADX)‘s transparency requirements. The programme will be managed and executed exclusively by International Securities LLC, a licensed brokerage firm appointed by IHC.
Strategic Move to Enhance Shareholder Value
IHC’s CEO, Syed Basar Shueb, commented on the launch of the buyback programme, stating, “Launching the share buyback programme reaffirms our commitment to generating long-term value for our shareholders. 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. This programme marks a significant step in optimizing our capital structure while strengthening our position as a leader in sustainable value creation and growth.”
The buyback initiative is viewed as a proactive approach by IHC to reinforce shareholder value and maintain a more efficient capital structure. The company’s leadership emphasized that the decision reflects their confidence in IHC’s financial resilience and its sustained growth trajectory in the market.
A Step Towards Strengthening Market Position
As part of its ongoing strategy to strengthen its portfolio and expand its market presence, IHC views the share buyback programme as an important step in enhancing shareholder returns. By repurchasing shares, IHC aims to optimize its capital allocation and further support its long-term vision of creating sustainable growth and value for shareholders.
The move comes as part of IHC’s broader efforts to build on its success and continue to drive performance across its diverse business sectors, reaffirming the company’s commitment to increasing shareholder value and solidifying its position as a market leader.
With its substantial cash flow, solid balance sheet, and a track record of growth, IHC is confident that this strategic programme will deliver positive outcomes for its investors and reinforce its financial position in the long run.
