International Holding Company (IHC), the Abu Dhabi-based investment conglomerate, reportedly announced selling its investments in two companies of the controversy-hit Adani Group.
IHC said it will dispose of its investment in India’s Adani Green Energy and Adani Energy Solutions, Reuters reported.
The IHC held over one percent stakes in two Adani group companies and now entered into a pact with a buyer to dispose of its investments.
IHC to sell off Adani investments
IHC has entered into a definitive agreement with a buyer to dispose of its FDI investments in Adani Group companies, the firm said in a letter to Abu Dhabi Securities Exchange (ADX).
Apart from this, IHC said that it is completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction, CNBC-TV18 reported .
The value of its holdings in these two firms stood at a little over $400m, according to Thursday’s closing in stock markets.
However, the Abu Dhabi-based conglomerate didn’t mention the name of the buyer or any other financial details of the transaction, the report said.
The IHC’s Green Energy Investment Holding RSC used to hold 1.26 percent in Adani Green Energy, whereas another unit and its Green Transmission Investment Holding RSC used to hold 1.41 percent in Adani Energy Solutions, until 30 June.
Meanwhile, media reports on Thursday said that Adani group has switched the auditor of its main UK subsidiaries to the smaller London-based firm Ferguson Maidment & Co., following the previous auditor Crowe UK’s resignation in March.
According to a report by Financial Times, Ferguson Maidment & Co audited the annual accounts of Adani Energy Holding, while its subsidiaries filed with British government agency Companies House in August.
Before this, citing concerns over certain transactions flagged in the short-seller Hindenburg’s report, Deloitte resigned as the auditor of Adani Ports in August.
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