International Holding Company (IHC), the Abu Dhabi-based global conglomerate with diversified interests, announced on Thursday the initiation of its Dh5 billion share buyback program, starting with an initial tranche of Dh1.8 billion, which constitutes 36% of the overall program. The first tranche is set to begin on Monday, November 18.
The share buyback program, which was approved by IHC's general assembly on June 20, 2024, and later endorsed by the board, is planned to run for one year, with potential extensions subject to regulatory approval. The program will be carried out in tranches, either monthly or quarterly, with multiple purchases within each tranche. Each tranche will be disclosed in accordance with ADX's stringent market transparency requirements. International Securities LLC, a licensed brokerage firm and IHC's designated financial institution, will exclusively handle and execute the purchases.
Syed Basar Shueb, CEO of IHC, stated: "The launch of the share buyback program underscores our dedication to creating long-term value for our shareholders. With our strong cash flow and robust balance sheet, we are well-equipped to execute this strategic move, which highlights our confidence in IHC's continuous growth and market potential. This initiative is a pivotal step in optimizing our capital structure while solidifying our status as a frontrunner in sustainable value creation and growth."
This program signifies a proactive strategy to bolster shareholder value and maintain an efficient capital structure, while demonstrating confidence in the group's financial strength and sustained growth trajectory. As IHC continues to fortify its portfolio and expand its market footprint, the share buyback program will be instrumental in boosting shareholder returns and supporting the group's long-term objectives.
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