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Tue 30 Jun 2020 10:18 AM

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No plans for Mulk Holdings IPO for now, says founder Shaji Ul Mulk

Mulk Holdings set to start manufacturing Covid-19 face masks by mid-July this year

No plans for Mulk Holdings IPO for now, says founder Shaji Ul Mulk

Shaji Ul Mulk, founder of UAE-based Mulk Holdings.

The Indian billionaire founder of UAE-based Mulk Holdings has ruled out the possibility of an initial public offering (IPO) for the multinational conglomerate this year.

However, Shaji Ul Mulk told Arabian Business that the potential for an IPO may be something worth considering next year.

He said the global impact of the coronavirus pandemic has led many who were potentially ready to launch IPOs to rethink their strategy.

“I don’t think the business climate is ready for IPOs,” he said. “We’ve been talking about an IPO for a while. Probably some time the middle of next year it will be a potential idea, but not right now.”

Based in Sharjah's Hamriyah Free Zone, Mulk Holdings has diversified business interests spanning four sectors – construction, renewable energy, plastics and healthcare.

Covid-19 investments

It is in the latter where he is hoping to capitalise on the current Covid-19 crisis, with investments in a full range of face mask manufacturing and e-hospitals.

He said: “For us, we’ve gone after businesses which have potential because of the Covid-19 situation, like the manufacturing of the masks, it’s a project we’re going into large-scale manufacturing. “Another important project that we are working on with my brother Dr Shafi Ul Mulk, is the unique concept of e-hospitals, where we’re bringing the complete hospital, medical services to the comfort of the home.” 

Mulk revealed the facility for the face masks should be up and running by the middle of July, with the potential to manufacture up to 150 million units per year. 

In terms of e-hospitals, he added: “You see the new platform of the e-hospitals which we believe has a long future, not just because of Covid, for the Covid situation it has become extremely important, but in going down the line, five or ten years from now, e-health or online or at-home healthcare is going to be the way that healthcare is going to be delivered.”

Mulk E-health, which is set to launch shortly, has successfully brought over 1,500 doctors on their platform globally and, in addition to the standard calls and video conferencing, it will provide a complete medical ecosystem of consultations, medicine deliveries, vital signs checks, diagnostics, hospital tie-ups, medical tourism and post-operative care. 

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