ADQ, a holding company with a wide-ranging portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy, is reportedly taking a 50% stake in Eltizam Asset Management, a subsidiary of International Holding Company (IHC), as part of its ongoing business expansion move.
Eltizam is a physical asset management firm with operations in the UAE and the Gulf Cooperation Council (GCC). It recently purchased Inspire Integrated, a firm that specializes in infrastructure and real estate management and facilities management and project execution.
As part of the recent agreement, IHC issued Dh111.6 million ($30.4 million) of Eltizam shares to ADQ, traded on the Abu Dhabi Securities Exchange.
Roque Solabarrieta, Investment Director at ADQ, said Eltizam is a proven successful business that will add value to ADQ's portfolio.
ADQ's companies include the Abu Dhabi Ports, healthcare provider Seha, Etihad Rail, Abu Dhabi National Exhibitions Company, insurer Daman, Abu Dhabi Power Corporation, Abu Dhabi Airports, and media companies twofour54 and Abu Dhabi Media.
Last month, the Abu Dhabi state holding firm signed a formal agreement to purchase Acino, a Swiss pharmaceutical business, signifying the company's largest acquisition in the healthcare and pharmaceuticals industry.
It also plans to purchase up to 90% of the share capital of Egypt's SODIC (Sixth of October Development and Investment Company) in partnership with Aldar Properties in Abu Dhabi.
IHC, the Abu Dhabi-based multinational firm, is meanwhile planning to expand its range via strategic investments, mergers and acquisitions in multiple sectors like property, agriculture, healthcare, food and beverage, utilities and industries.
The company's purchase spree in the first half of 2021 has significantly increased its balance sheet and valuation. It had total assets of Dh58.32 billion at the end of June, up from Dh14.01 billion at the end of last year.
Also, on June 27, IHC became Abu Dhabi's most valued listed business, with its shares surging by nearly 15% after listing its division Alpha Dhabi.