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Home Forex News

IHC consolidates ‘green businesses’ assets under Sirius

by Tradinghow
November 6, 2023
in Forex News
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IHC consolidates ‘green businesses’ assets under Sirius
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Image courtesy: International Holding Company

Abu Dhabi conglomerate International Holding Company (IHC) is consolidating key ‘green businesses’ assets under its subsidiary, Sirius International Holding, leveraging disruptive technologies to engineer ‘sustainability solutions’ that combat climate change.

The transfer of the four entities is aimed at driving digital transformation through investments.

“The ownership transfer will include Green Energy Investment Holding, Green Enterprise Investment Holding, Green Vitality and IHC’s 80 per cent ownership of Rebound Limited,” the conglomerate said in a bourse filing.

Sirius will harness industrial and technological solutions for de-carbonisation, methane capture and reduction, clean energy efficiency, and water recovery and efficiency, as a catalyst to positive change and reduce environmental impact.

IHC said the transaction represents the completion of a key milestone and is part of the company’s plans to grow Sirius into one of its key subsidiaries, along with the other eight listed subsidiaries listed on the Abu Dhabi Securities Exchange.

“The transfer of these four entities sharpens our focus on future growth and further enables disciplined asset allocation, aligning with our strategic plan to foster the expansion of Sirius International Holding,” said Syed Basar Shueb, the CEO of IHC.

Sirius’ comprehensive approach encompasses a transformative journey into a digitally interconnected world, empowering governments, businesses and communities to excel through cutting-edge tech innovations.

The company comprises more than 20 subsidiaries globally, each contributing to shaping today’s health, climate and digital ecosystem.

IHC’s growth strategy

Founded in 1998, IHC has grown exponentially over the years through acquisitions both inside and outside the UAE.

The company, which is majority-owned by a group headed by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s national security adviser and a brother of President Sheikh Mohamed bin Zayed has a market capitalisation of $239bn (Dhs876.3bn) as of November 6, 2023.

The company is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser and a brother of its president, Sheikh Mohammed bin Zayed.

IHC increased its shareholding in billionaire Gautam Adani’s flagship conglomerate to a little over 5 per cent in October, days after offloading stakes in two other companies owned by the Indian conglomerate as part of a portfolio rejig.

The holding firm’s half-year net profit reached Dhs10.4bn accompanied by a net profit margin of 36.3 per cent as the global economies have been grappling with a multitude of shocks, including geopolitical ramifications, high inflation and soaring interest rates.

The company’s revenues surged by 30.8 per cent year-on-year to Dhs28.7bn in H1 2023 compared to the same period as the conglomerate sustained its growth trajectory.

Read: Abu Dhabi-based IHC increases stake in Adani Enterprises to above 5%



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