International Holding Company (IHC), Abu Dhabi's largest listed firm, has launched a 5 billion UAE dirhams ($1.36 billion) share buyback programme.

The initial tranche of AED1.8 billion, representing 36% of the total programme, is scheduled to commence on November 18, 2024.  

The share buyback programme, approved at IHC’s general assembly on June 20, 2024, will span one year with the possibility of extension pending regulatory approval.

The programme will be executed in tranches on a monthly or quarterly basis, with multiple purchases within each tranche.

International Securities, a licensed brokerage, will manage and execute the share buyback plan.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)