ABU DHABI: An Abu Dhabi-based investment holding is leaving traders and investors scratching their heads after a 2,572% surge in its stock in the past 12 months with very low trading volumes.
International Holdings Co PJSC (IHC), which had most of its revenue in 2019 coming from fish farming in the United Arab Emirates, has reached a market value as high as US$14bil, up from about US$139mil a year ago. The steep rally in its shares hasn’t been dented by this year’s global equity market meltdown sparked by the coronavirus pandemic, or the collapse in oil prices which roiled Middle-Eastern markets. The company’s shares are up 313% in 2020.
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