As many as 44 large direct deal trades were executed on the Abu Dhabi Securities Exchange (ADX) involving International Holding Company (IHC), the largest publicly-listed company in the UAE.
According to ADX data, the deals were executed on 11.159 million stocks worth AED4.458 billion ($1.21 billion) at a price of AED399.5 ($108.78) per share.
IHC reported last month that its three-month revenue to the end of September climbed nearly 14 percent yearly to about AED14.15 billion ($3.85 billion), but net profit stood slightly lower at AED4.13 billion ($1.12 billion), compared with AED6.41 billion in the same period last year.
However, net profit attributable to the owners of the company for the first nine months of the year jumped more than four percent annually to AED11.31 billion ($3.08 billion), while revenue rose nearly 25 percent to AED42.82 billion ($11.66 billion).
Large direct deals are trades that are executed outside the order book and do not affect the closing price of the company’s stock or the price index. They also do not affect the highest and lowest prices executed during the session and during the last 52 weeks.
Founded in 1998, IHC is part of an initiative to diversify and grow non-oil business sectors in the UAE. Its objective is to enhance its portfolio through acquisitions, strategic investments, and business combinations. Today, the company comprises over 100 entities in various sectors like Healthcare, Real Estate, Agriculture, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
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