ADQ will take a 50% stake in IHC unit

Abu Dhabi sovereign wealth fund ADQ will take a 50 per cent stake in International Holding Co. unit Eltizam Asset Management.

IHC issued shares worth Dh111.6 million in Eltizam to ADQ as part of the deal, according to a statement filed to the stock exchange yesterday.

IHC has been involved in numerous deals this year, with its assets ballooning to Dh58 billion in the second quarter, up 444 per cent from the same period a year ago. IHC shares have nearly quadrupled over the past year, making it the second-largest listed company in the UAE. Alpha Dhabi Holding PJSC, an IHC unit, is the biggest.