Latest news with #Dh1.5
Al Etihad
27-05-2025
- Business
- Al Etihad
IHC extends share buyback programme until the year-end
27 May 2025 18:06 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 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 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 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 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 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 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 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.
Al Etihad
13-05-2025
- Business
- Al Etihad
Aldar sells 'Mamsha Gardens' building to 'GAW Capital Partners' for Dh586 million
13 May 2025 14:37 ABU DHABI (WAM)Aldar Properties has completed the sale of a residential building at Mamsha Gardens to Hong Kong-based real estate private equity firm GAW Capital Partners for Dh586 GAW Capital's first investment in the UAE, the transaction underscores the growing international appeal of Abu Dhabi's property market, the Saadiyat Cultural District, and Aldar's residential within Saadiyat Cultural District, the building, one of seven within the Mamsha Gardens development, comprises 71 apartments and townhouses with a total sellable area exceeding 16,000 square interest from Asia-based investors highlights the strong demand for Abu Dhabi real estate amongst international buyers, supported by Aldar's sustained engagement with this investor base to showcase high-quality developments, attractive investment opportunities, and refined customer from China and Hong Kong accounted for Dh1.5 billion of Aldar's total UAE development sales in 2024, representing more than a 30-fold increase compared to strong momentum continued into the first quarter of 2025, with Dh1.3 billion in sales already recorded. This sharp acceleration reflects rising demand from both overseas and resident Chinese and Hong Kong buyers, and underscores Abu Dhabi's increasing appeal to a strategically important and emerging segment of international Al Omaira, Acting Director-General of Abu Dhabi Real Estate Centre (ADREC), commented, 'Abu Dhabi continues to strengthen its position as a preferred destination for international real estate investment, driven by a robust regulatory framework, economic stability, and a growing pipeline of high-quality assets. The entry of new global investors reflects the maturing landscape of the emirate's real estate sector and highlights the confidence in Abu Dhabi as a long-term, value-driven market.'Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, said, 'This transaction underscores the strength of Aldar's development platform and the growing appeal of Abu Dhabi's increasingly mature real estate market to global investors - in the first quarter of 2025, 87 percent of Aldar's UAE sales came from international entry of Gaw Capital Partners, a leading Asia-based investor – making its first investment in the UAE – reflects Abu Dhabi's economic growth expectations and its status as a go-to investment destination, where value continues to be driven by robust economic fundamentals, attractive demographics and high-quality assets.'Christina Gaw, Managing Principal of Global Head of Capital Markets and Co-Chair of Alternative Investments at Gaw Capital Partners, said, 'This landmark investment reflects our positive view of the dynamic Middle East market, its potential for growth and innovation, and our trust in Aldar as a leading UAE developer. We are committed to leveraging our expertise to drive value creation and sustainable development in the region.' The transaction demonstrates Aldar's continued ability to partner with an increasingly diverse range of international players and attract international capital flows across its platform.
Gulf News
22-04-2025
- Business
- Gulf News
Why Telugu superstar Mahesh Babu has been summoned by the ED in money laundering probe?
Telugu superstar Mahesh Babu has been summoned by the Enforcement Directorate (ED) on April 28 in connection with a money laundering probe involving Hyderabad-based firms Sai Surya Developers and the Surana Group, according to a report on NDTV. At the heart of the investigation is the Dh2.6 million the actor reportedly received for endorsing projects by Sai Surya Developers — around Dh1.5 million via cheque and Dh1.1 million. It's the cash component that's raised eyebrows, with officials suspecting it may be tied to funds collected through fraudulent means. What's the case about? According to Economic Times, the ED's investigation stems from multiple FIRs filed by Telangana Police against Narendra Surana, MD of Bhagyanagar Properties Ltd and K. Sathish Chandra Gupta, owner of Sai Surya Developers. They are accused of cheating land buyers by collecting hefty advances for plots in unauthorised layouts — some of which were sold multiple times. False promises of legal registration and no formal agreements sealed the scam. Recent raids uncovered millions in unaccounted cash and documents suggesting Rs 1 billion was funneled through illegal transactions. The money is believed to be proceeds of crime, redirected for personal use. Why Mahesh Babu? While the actor isn't accused of direct involvement in the fraud, his endorsement is seen as having boosted public trust in the now-tainted projects. Investigators want to determine if he knew about the irregularities or the dubious source of the payments.
Khaleej Times
17-04-2025
- Automotive
- Khaleej Times
Legend Holding Group strengthens UAE-China relations
As part of its grand global headquarters opening, Legend Holding Group reaffirming its vital role in the deepening relationship between the United Arab Emirates and the People's Republic of China. The event brought together key dignitaries, including Ou Boqian, Consul General of China in Dubai, Abdulla Al Saleh, Undersecretary, UAE Ministry of Economy, government officials and partners from across sectors, reflecting a shared commitment to sustainable growth and collaboration. In her keynote, Ou Boqian emphasized the importance of Chinese enterprises like Legend in the UAE's economic fabric: 'Legend Holding Group started from a small company, and now operates in over 10 countries, covering 56 regions, with more than 500 employees and more than Dh1.5 billion in output for 2024. China has remained the UAE's largest trading partner for 11 consecutive years, and companies like Legend are pivotal in this enduring success.' She also praised Legend for fostering not only economic but also cultural and social exchange, citing its active participation in events such as the Dubai Forum, the New Energy Vehicle Parade, and Lantern Festival celebrations, as well as charitable Ramadan donations. Al Saleh praised Legend Holding Group as a model enterprise reflecting the UAE's strategic economic vision. 'Legend stands as a shining example of our partnership with China, through its investments in infrastructure, it supports our national priorities, including the UAE Net Zero 2050 initiative.' With Dubai as a strategic hub, Legend is a prime example of a successful Chinese company, founded in the UAE and rising to become a regional leader. Founder and Chairman Kai Zheng said: 'We're not just growing, we are laying the foundation for the future. From EVs and smart mobility to technology, digital solutions and other sectors, we're building ecosystems, fostering a long term commitment for our customers and partners.' Kai emphasized a belief in cross-industry connectivity and sustainable innovation as drivers of long-term value. 75% of all vehicles sold in 2024 by Legend were electric, a testament to the group's alignment with the UAE's environmental goals and its leadership in smart mobility. Legend's diversified businesses span across automotive, green energy, tourism, smart technology, and media with ambition to create interconnected ecosystems that drive economic and social progress in line with 2050 vision. Kai Zheng concluded: 'As we look ahead, Legend Holding Group is not just preparing for the future, we are actively creating it. Rooted in a strong foundation of trust, innovation, and shared values, our path forward is defined by bold ambition and unwavering purpose. Our Vision is to become a global leader in building interconnected ecosystems that be a key element in evolving industries. Our focus is clear: to harness the power of technology, data, and artificial intelligence to unlock smarter solutions, enhance the customer experience, and drive sustainable progress'. He continued, guided by a people-first philosophy, we will continue to invest in talent and diversity, ensuring our teams are equipped to navigate and lead in a rapidly evolving world. Through digital transformation, sustainable innovation, and meaningful collaboration, Legend will remain at the forefront of shaping industries and enriching lives. Together, with our partners, our teams, and our communities, we will not only grow; we will lead with purpose, innovate with responsibility, and shape a future where progress creates value for all.
Khaleej Times
26-03-2025
- Business
- Khaleej Times
Dubai: Gold prices drop by up to Dh1.75 per gram in early trade
The Dubai Jewellery Group data showed a 24K variant of the yellow metal falling Dh1. 75 per gram to Dh363.25 per gram, on Wednesday morning, down from Dh365 per gram. While 22K fell Dh1.5 per gram to Dh336.5 per gram, down from Dh338 per gram last night. Similarly, 21K and 18K also opened lower at Dh322.5 and Dh276.5 per gram, respectively. Spot gold was trading at $3,015.63 per ounce, down 0.19 per cent. Gold hit a record historic high of $3,057 per ounce in spot trading last week, but it has been trending lower in the past few sessions. Samer Hasn, senior market analyst at said gold's gains came after US Federal Reserve chief Jerome Powell's speech, which appeared to be in line with what investors wish in various aspects, both by avoiding a hawkish tone and by emphasising the uncertainty created by tariffs. 'Powell's favourable speech was the latest link in a chain of factors fueling gold's continued gains, where growing concerns about the potential ramifications of Donald Trump's trade policy and the economic turmoil resulting from the continued reluctance to impose tariffs were among the most prominent factors supporting the yellow metal to continue its gains,' he said. Ultimately, Powell's speech and the Fed's Summary of Economic Projections did not change market expectations about the path of monetary policy, and the likelihood remains that we will see at least two to three rate cuts this year, allowing gold to continue its gains eventually,' added Hasn.
