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Abu Dhabi’s Ethmar said to list after $191 capital top-up

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Ethmar International is planning acquisitions in the financial services, tourism and construction sectors

Abu Dhabi’s Ethmar International Holding (EIH) is looking at a listing on the Abu Dhabi stock exchange after raising nearly AED700 million ($191 million).

EIH, a diversified investment vehicle, intends to offer a 13 to 15 percent stake to investors through a capital raise of AED600 million to AED700 million, Bloomberg reported, citing an investor presentation.

The listing will take place on May 1, the news report said.

The company, which holds over 25 subsidiaries in real estate, energy, technology, health care, sports and investments, is chaired by Sheikh Hamdan bin Mohammed bin Zayed Al Nahyan.

Ethmar, likely to be valued at more than AED4 billion, is planning acquisitions in the financial services, tourism and construction sectors.

EIH’s assets surged to AED78.1 million in 2022 from AED15.8 million in 2021, according to a presentation.

The firm’s holdings portfolio includes Skygo, a drone company in partnership with Abu Dhabi-based International Holding Company, boutique real estate company 9Yards, several gas and electricity firms with IHC and a security firm.

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