UAE's IHC plans health, IT business IPOs

ABU DHABI, Nov 25 (Reuters): International Holding Company (IHC.AD) plans to sell 20 per cent of its technology unit in an initial public offering next year, its CEO told Reuters, adding that the UAE's IHC is aiming for a first quarter IPO of Pure Health to raise more than $1 billion.

IHC, which rose from relative obscurity to become the United Arab Emirates' largest publicly traded company worth more than $200 billion, has been on a consolidation and acquisition drive.

This has led to two IHC subsidiaries rounding out the three biggest companies on the Abu Dhabi Securities Exchange (ADX).

Asked about plans for International Technology Holding (ITH), Chief Executive Syed Basar Shueb said IHC will likely list 20 per cent of it in the third quarter and is in talks with local firms about possible acquisitions by the group born out of IHC's IT sector holdings.