Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Multiply Group shareholders will meet on November 10 to consider and approve the company’s plan to acquire Two Point Zero Holding RSC Ltd and a controlling stake in Ghitha Holding PJSC, according to a shareholder circular filed with the Abu Dhabi Securities Exchange.
The Board’s communication sets out the post-transaction ownership, share issuances and capital changes proposed under the deal.
Under the terms, Multiply will issue 21,597,689,333 new shares to the shareholders of Two Point Zero and 1,765,936,964 new shares to IHC Food Holding LLC and IHC Companies Management LLC, the main shareholders of Ghitha Holding. In total, 23,363,626,297 new shares will be created at a nominal value of Dh0.25 each, equivalent to Dh5.84 billion in aggregate nominal capital.
The share-swap ratios set in the circular are 1.599768 Multiply shares for each Two Point Zero share and 8.708557 Multiply shares for each Ghitha share.
Following completion, Two Point Zero shareholders will together hold 62.49% of Multiply’s issued share capital, while IHC Food and IHC Companies Management (or their designee) will hold 5.11%. The remainder will be held by existing Multiply shareholders.
The circular states that Multiply will remain listed on ADX following completion. In a move to reflect the broader scope and scale of the consolidated entities, the Board of Directors has also proposed a change of name for the merged entity. Subject to shareholder approval, the new name of the company will be “Two Point Zero Group P.J.S.C.”
On completion, Multiply will own 100% of Two Point Zero and 83.93% of Ghitha, representing the shares held by the main shareholders, as set out in the filing. Ghitha Holding remains a listed company on the secondary market of ADX in which a non-controlling minority stake is held by the public and other shareholders.
According to the circular’s timeline, Multiply made non-binding offers for Two Point Zero and for the Ghitha stakes on September 4, 2025 and appointed KPMG Lower Gulf as independent valuer; the Board approved recommending the transactions on October 15, 2025; and on October 24, 2025 the Securities and Commodities Authority approved circulation of the shareholder circular. The general assembly is scheduled for November 10 to vote on the acquisitions.
The Board’s stated rationale is that bringing Two Point Zero and Ghitha into Multiply’s multi-vertical platform is expected to accelerate growth, align governance and diversify the portfolio across critical UAE sectors. Completion remains subject to shareholder approval and other customary conditions set out in the circular.
