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Multiply plots 2PointZero-Ghitha merger: Abu Dhabi-listed Multiply Group’s board approved plans to take full ownership of its IHC-linked peers 2PointZero and Ghitha Holding through a share swap, it said in a statement (pdf). The transaction, which is currently under review, would consolidate the three under a single listed entity creating one of the emirate’s most diversified investment conglomerates. Further details are set to be announced following shareholder and regulatory clearance.
The pitch: Multiply described the merger as a “strategic acquisition via reorganization” aimed at improving operational efficiency and deepening exposure to high-growth, sustainability-linked sectors. The company said 2PointZero brings exposure to energy transition and AI-driven investments, while Ghitha contributes a vertically integrated food-and-agri platform key to the UAE’s food-security agenda.
What’s in the making: The combined entity would have around AED 120 bn in assets across 85 countries, spanning energy, food, logistics, packaging, mining, apparel, media, mobility and beauty, with the aim of serving 1 bn people globally.
All staying within the family: All three firms sit within the IHC ecosystem, which remains the common shareholder driving the consolidation. IHC owns about 87% of 2PointZero, its dedicated energy, mining, and financial services arm, while it is a majority shareholder in Multiply. Ghitha, meanwhile, sits within IHC’s food and agriculture cluster, where IHC holds a majority indirect stake through Alpha Dhabi Holding and other subsidiaries.
The details: Multiply will issue 23.36 bn new shares to 2PointZero and Ghitha Holding’s shareholders in exchange for their shares. The move would bring the merged entity’s capital base to AED 8.64 bn up from AED 2.8 bn, increasing its total outstanding shares to 34.56 bn.
The move comes amid a broader reorganization of Multiply’s portfolio. Earlier this week, the group exited district cooling through the AED 3.9 bn sale of Pal Cooling Holding to Tabreed and CVC DIF, freeing up capital for new verticals. It has also acquired Italy’s ISEM Packaging Group and Tandem in Spain.
REMEMBER- 2PointZero was preparing a float on the ADX this year, which IHC executives said would unlock fresh capital for growth.
Market reax: Multiply’s stock shed 1.6% on the ADX yesterday to close at AED 3.1.
