IHC shareholders give 2PointZero-Ghitha-Multiply merger greenlight: InternationalHolding Company (IHC) shareholders have approved plans for its subsidiary Multiply Group to acquire 83.52% of Ghitha Holding from IHC Food Holding and 0.41% from IHC Companies Management, as well as IHC Capital’s shares in 2PointZero, according to a disclosure (pdf).

ICYMI- The move follows Multiply Group’s own shareholder approval earlier this week, when ADX-listed Multiply signed off on the mergers via share swap at its general assembly. The company will increase its share capital to AED 8.6 bn, from AED 2.8 bn currently, and issue a total of 23.36 bn shares to acquire the two firms.

Leadership shuffle: The post-merger entity — which will be known as 2PointZero Group — will be led by current Multiply CEO Samia Bouazza, with CEO of 2PointZero Mariam Almheiri appointed managing director, according to a separate statement (pdf). Ghitha, which will be a subsidiary of the group, will continue to be led by current CEO Faisal Ameen. The appointments are subject to board, regulatory, and shareholder approval.

The merger will also mean the company will have a 39% freefloat, broadening access to a “diversified investor base,” and paving the way for inclusion in global index-tracking funds, the statement said.

The company will be focusing on expanding its energy and consumer divisions, and is expected to achieve double-digit growth in its first few years of operations, the statement said.

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