Abu Dhabi investment company approve merger plans

Abu Dhabi based investment holding company Multiply Group has announced its shareholders have approved plans to acquire 2PointZero and Ghitha Holding, according to a news release from the company’s website on November 10th. 

During the company’s general assembly meeting, shareholders voted in favour of the acquisition through share-swap transactions. 

The acquisition will see Multiply Group issue 23.36 billion new shares, raising its share capital from AED 2.8 billion (£0.6 billion) to AED 8.64 billion (£1.8 billion) to finalise the transactions.

The approved resolutions also include amendments to change the trade name to Two Point Zero Group P.J.S.C, and to see an increase in the number of Board members from five to nine.

“The acquisitions of 2PointZero and Ghitha strengthen our platform and position us to capture opportunities across transformative sectors”, said Multiply Group chairman Syed Basar Shueb. 

This comes after Abu Dhabi’s IHC (International Holding Company) announced plans to merge 2PointZero, Multiply Group, and Ghitha Holding into a single investment.

It was reported on October 29th that Multiply Group chief executive Samia Bouazza told The National that the company aims to target sectors that will provide double-digit growth including the UAE’s food security agenda. The National reported that Ghitha Holding, operates food production and distribution activities.

Meanwhile, Multiply Group has invested widely in AI. Bouazza said to The National: “We knew we needed to embrace AI … part of the growth came as a result of applying a lot of AI tools and mobility … we are investing in AI talent – data scientists, data analysts and AI tools.”

Bouazza also spoke of the rise of data centres in the UAE, which creates more opportunities for energy investments. Reportedly, the UAE’s data centre market is forecast to exceed a value of $3.3 billion (£2.5 billion) by 2030 due to a rise in AI use.

Multiply Group, Maghrebi.org, The National