Abu Dhabi – Mubasher: Multiply Group has acquired an 80% stake in International Energy Holding (IEH), a subsidiary of International Holding Company (IHC), while Alpha Dhabi Holding held the remaining 20% equity.
In line with its growth and expansion plans, Multiply Group will use the majority stake to scale up its utilities and energy investments across the globe, according to a press release.
In a bourse disclosure, Alpha Dhabi announced that it had purchased 20% of IEH after obtaining all the regulatory approvals required for the transaction.
Samia Bouazza, CEO and Managing Director of Multiply Group, said: “Our investment in IEH reflects our strategy to build up our utilities vertical which has contributed to our financial performance with steady income, considering the current macroeconomic backdrop.”
Bouazza added: “This also reflects our commitment to advancing the renewableand clean energy agenda in line with the goals of the UAE government.”
IEH recently acquired a 50% stake in Kalyon Enerji, a Turkey-based clean and renewable energy firm. Accordingly, Multiply Group will hold 80% of the energy project, while Alpha Dhabi will own 20%, IHC noted in another bourse filing.
Kalyon Enerji has a photovoltaic (PV) power plant project with an installed capacity of 1,347 megawatt peak (MWp)/ 1,000 megawatt electrical (MWe) in the Karapınar region.
Upon completing the project in 2023, this facility alone will meet the electricity demands of nearly 2 million people annually.
During the first half (H1) of 2022, Multiply Group turned to consolidated net profits attributable to the shareholders worth AED 389.30 million, compared to losses of AED 733,000 in the year-ago period.
Meanwhile, Alpha Dhabi posted a hike in net profit attributable to the owners to AED 6.28 billion in H1-22, versus AED 831.62 million in H1-21.
