On December 5, the International Holding Company in Abu Dhabi will list its Multiplay unit directly on the Abu Dhabi Securities Exchange.
According to Arabia Net, direct listing of companies allows them to trade in the stock market without the need for a traditional and more expensive initial public offering.
In October, Global Holdings CEO Syed Basr Shuaib told Reuters that the company plans to float shares in Multiplay, a holding company that invests in technology-focused companies, through an initial public offering.
A spokesman for the International Holding Company today, Monday, did not immediately respond to a request for comment regarding the reason for changing those plans.
The company said in a disclosure to the stock exchange today, Monday, that MultiPlay had assets of 8.2 billion dirhams ($ 2.23 billion) by the end of September.
The group intends to pursue more natural growth and through scalable acquisitions, with a focus on digital innovation in sectors as diverse as automotive, utilities, capital, health and telecommunications.
The company said in October that the planned offering could be worth between 8 billion and 10 billion dirhams.
The Abu Dhabi Stock Exchange has seen an increase in new listings this year, including units owned by the Abu Dhabi National Oil Company (ADNOC) and the government investment company (Mubadala).
Given the size of its assets in the fast-growing healthcare and industrial sectors, the global holding company became the most valuable listed company on the Abu Dhabi Stock Exchange in June after listing its subsidiary Alpha Abu Dhabi.
The global holding company, which has a market value of $75 billion, is headed by Sheikh Tahnoun bin Zayed Al Nahyan.
