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2PointZero is heading the ADX: UAE’s Investment giant International Holding Company (IHC) plans to list its recently established subsidiary 2PointZero — which specializes in investing in emerging tech, mining, and resource management — on the Abu Dhabi bourse sometime next year, IHC CEO Syed Basar Shueb told Bloomberg last week. Financial details regarding the IPO were not disclosed.
IHC has been eyeing the listing for some time: The firm’s initial decision to move the assets under a new holding came in anticipation of a listing debut, Shueb adds. The business listing is expected to raise “significant capital injection” for the companies, helping fuel their growth.
REFRESHER- IHC launched 2PointZero earlier this year: IHC set up 2PointZero earlier this year in January as a holding company expected to hold some AED 100 bn (USD 27 bn) of assets under its umbrella. The portfolio companies under the umbrella are: Chimera Investment, private-markets focused firm Lunate, crypto mining player Citadel Technologies, MENA-focused Sagasse Investments, Egypt’s Beltone Financial Holding, as well as Abu Dhabi’s International Resources Holding (IRH).
IRH is active in mining: IRH — one of the five companies under 2PointZero’s umbrella — is a natural resources extraction company that spans the entire mining value chain including in minerals that are critical to the energy transition, according to their website. IRH currently operates projects in Angola, Burundi, the Democratic Republic of Congo, South Africa, Tanzania, Zambia, and Zimbabwe.
More expansions underway: An IHC unit is exploring acquiring an 80% stake in Zambia’s Lubambe Copper Mine from EMR Capital, sources familiar with the matter told Reuters on Friday. This comes after EMR signed an agreement to sell the stake to China’s JCHX Mining in January. The agreement is pending approval by Zambia’s government which owns the rest 20% of the mine IHC also expressed interest in acquiring the Zambian Mopani copper mines — Africa’s second largest producer — last October.
And there’s more: IHC is also planning to list Sirius International Holding — which recently launched its Smart Sustainability Solutions (S3) climate company focusing on water scarcity and efficiency, circular economy, methane, and carbon — on the ADX next year, Shueb told Bloomberg.
