IHC extends share buyback programme until the year-end
27 May 2025 18:06
A.SREENIVASA REDDY (ABU DHABI)International Holding Company (IHC) has received approval to extend its Dh5 billion share buyback programme until December 31, 2025, according to a stock market filing issued on Monday.Originally announced on November 14, 2024, the programme was designed to be executed in phases over one year. The first tranche, valued at Dh1.8 billion, began on November 18 last year. The second tranche, worth Dh1.5 billion, was launched on March 18. With the second phase still underway, the buyback period has now been extended until the end of this year.Responding to queries from Aletihad, an IHC spokesperson confirmed that a third tranche of the share buyback programme would be initiated upon completion of the ongoing second phase. So far, 6,955,602 shares have been repurchased, though the company has not disclosed their exact value. However, based on an average price of Dh401 per share, the total value of shares bought back so far is estimated at Dh2.789 billion, leaving approximately Dh2.221 billion in buybacks remaining under the programme.The buyback initiative is aimed at enhancing shareholder value and maintaining an efficient capital structure. At the time of launch, IHC's Managing Director, Syed Basar Shueb, described the move as part of the company's long-term commitment to generating value for its shareholders.As per previous disclosures, all repurchased shares are to be held as treasury shares without voting rights. If these shares are not resold within two years, they will be cancelled, and the board will pass a resolution to reduce IHC's share capital accordingly.According to the latest stock market data mentioned in the filing, IHC's market capitalisation stands at Dh881.8 billion. The company's free float of shares, as per the August 7 disclosure, is 38.48 percent.International Holding Company (IHC) has received approval to extend its share buyback programme until December 31, 2025, the company said in stock market filing on Monday. IHC, established in 1998 to develop Abu Dhabi's non-oil sectors, announced on November 14, 2024 that it had launched a Dh5 billion share buyback programme, set to take place in phases over a year. A first tranche of Dh1.8 billion buyback commenced on November 18 of the previous year. A second tranche buyback, worth Dh1.5 billion, began on March 18.Even as the second phase of the buyback is in progress, the deadline for the progamme is extended until the year-end. In specific replies to Aletihad inquires, an IHC spokesperson said the third tranche of the share buyback programme will be launched as soon as the second tranche buyback is wrapped. He said a total of 6,955,602 shares were bought back so far without specifying their value. But going by the average price of Dh401 per share, the value of shares bought back amounts Dh2.789 billion, leaving approximately Dh2.221 billion worth shares to be bought back in the remaining period. According to an August 7 stock market filing, the free float of shares stands at 38.48%.
The purpose of the buyback programme is to enhance shareholder value and maintain an efficient capital structure. Syed Basar Shueb, Managing Director of IHC, stated that the programme reflects the company's commitment to generating long-term value for shareholders at the time of the launch of the programme.
According to a previous filing, all repurchased shares will be held as treasury shares without voting rights. If these treasury shares are not sold back within two years, they will be cancelled, and the board will pass a resolution to reduce the company's share capital accordingly.
As per the latest data mentioned in the text, IHC's market capitalisation was Dh881.8 billion.
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