Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Multiply was the most traded stock on the Abu Dhabi Securities Exchange (ADX) on Thursday in terms of both volume and value, after International Holding Company (IHC) announced its merger with 2PointZero and Ghitha Holding.
IHC on Wednesday said that Multiply Group will be merged with 2PointZero and Ghitha Holding to form the Dh120 billion 2PointZero Group, consolidating assets within the IHC ecosystem.
The new entity will capitalise on rising energy demand, advances in artificial intelligence, global consumer growth, and expanding food security needs to drive its business, according to a statement by IHC.
Speaking to Bloomberg, 2PointZero Chief Executive Officer Mariam bint Mohammed Al Mheiri said: “When we got this opportunity (merger offer), it really looked like a lucrative one — you’re combining the strengths and synergies of all these great assets.”
A total of 159 million shares of Multiply worth Dh518 million were traded on Thursday. Its share price rose nearly 7% to Dh3.26. Multiply’s market capitalisation as of Thursday stood at Dh36.512 billion, which is expected to reach Dh120 billion once the merger is completed.
The ADX main index (FADGI) closed at 10,144.05, up 0.233% from the previous day, with market capitalisation reaching Dh3.134 trillion. The main market’s capitalisation stood at Dh3.012 trillion.
A total of 28,054 trades were executed on the ADX, involving 447 million shares with a combined value of Dh1.59 billion.
The DFM General Index (DFMGI) reached 6,029.27, down 0.163% from the previous day. A total of 15,180 trades were executed on the DFM, involving 478 million shares with a combined value of Dh811 million. Share prices of eight companies rose, 30 declined, and 11 remained unchanged.
