The Company diversified its operations by acquiring three land parcels, totalling 19,246 sq mt.
The Group took another step in its evolution and acquired the Abu Dhabi Land (ADL) group through a share swap. ADL is a general construction business, in addition to designing and building services for landscape, irrigation, construction, maintenance and labor accommodation. Asmak increased its share capital from AED 300 mn to AED 510 mn.
The business model was diversified with an emphasis on adding wholesale operations, brand ownership, and value added products to the fishery business.
Asmak expanded its food business by establishing a new animal feed business. The objective was to support the UAE’s food security program, as well as service international markets.
Asmak repositioned itself as a holding company for strategic investments. The moment was marked by transforming its name from International Fish Farming Company (Asmak) to International Holding Company (IHC). During the year, the Company also expanded its newly-created animal feed business with the purchase of an additional factory in Spain.
Intending to build upon the solid foundations that had been laid, IHC grew its numerous
businesses in 2019 through strategic acquisitions and diversification of its portfolio,
remaining focused on increasing revenue and profit to generate greater shareholder value.
Most notably, to embrace these strategic decisions and improve operations, IHC restructured the Holding into six industry verticals, namely IHC Food, IHC Utilities, IHC Real Estate, IHC Digital, IHC Industrial and IHC Capital.
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