Abu Dhabi – Mubasher: International Holding Company (IHC) increased its capital by 17% to AED 2.10 billion from AED 1.80 billion, according to a press release.

The transaction came after acquiring Infinity Wave Holding’s shares in the ADX-listed companies Alpha Dhabi Holding, Multiply Group, and Al Seer Marine in exchange for issuing 372.11 million shares of IHC's share capital in favour of Infinity.

The capital hike, which put IHC amongst the top 10 largest firms by market cap worldwide, aligns with the company’s growth plans to scale up its operations and conduct further strategic acquisitions.

Syed Basar Shueb, CEO of IHC, commented: "We are fully committed to delivering our strategic priorities to develop sustainable future profitable growth.”

In the first nine months (9M) of 2022, IHC logged net profits attributable to the equityholders worth AED 10.82 billion, higher than AED 4.72 billion during the January-September 2021 period.

Revenues enlarged to AED 34.31 billion in 9M-22 from AED 18.31 billion in 9M-21, while the basic and diluted earnings per share (EPS) jumped to AED 5.95 from AED 2.60.