DUBAI, March 6 (Reuters) - Abu Dhabi artificial
intelligence firm G42 plans to float its big data analytics unit
Presight.ai via an 1.82 billion dirham ($495.6 million) initial
public offering (IPO) and list its shares on the local stock
exchange.
Presight aims to offer 1.36 billion new shares, representing
32% of the company before the offering, at 1.34 dirhams each via
a capital increase, according to an announcement.
The offer period begins March 13 and ends on March 17.
G42 is part of a business empire overseen by its chair,
Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's
national security adviser and has been a foreign policy
troubleshooter for his brother, President Sheikh Mohammed bin
Zayed al-Nahyan.
Sheikh Tahnoon's financial interests include local
conglomerate International Holding Company , which has
entered the IPO as a cornerstone investor, and sovereign wealth
fund ADQ.
($1 = 3.6727 UAE dirham)
(Reporting by Hadeel Al Sayegh, writing by Rachna Uppal;
Editing by Sonia Cheema)
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