Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
International Holding Company (IHC) has announced the successful completion of Dh5 billion share buyback programme.
In a disclosure on Wednesday, the company said all shares repurchased under the programme will be recorded as treasury shares in line with applicable laws and regulations. It added that no further buyback activity is planned at this time.
According to an earlier filing, the buyback was executed in three tranches: Dh1.8 billion worth of shares in the first tranche, Dh1.5 billion in the second, and Dh1.7 billion in the third, bringing the total to Dh5 billion. The programme was approved by shareholders at the company’s general assembly on June 20, 2024.
At the launch of the buyback initiative, Syed Basar Shueb, CEO of IHC, said: "Launching the Share Buyback Program reaffirms our commitment to generating long-term value for our shareholders. With our robust cash flow and strong balance sheet, we are well-positioned to implement this strategic initiative that reflects our confidence in IHC’s ongoing growth and market potential. This program marks a significant step in optimising our capital structure while strengthening our position as a leader in sustainable value creation and growth.”
