(Bloomberg) -- International Holding Co., the sprawling conglomerate chaired by one of Abu Dhabi’s most powerful royals, has planned its 5 billion dirham ($1.4 billion) buyback program to revive its share price as the 43,000% rally in its stock cools.

There’s “significant value in the future” of IHC and a stock buyback will help enhance the company’s earnings per share, Chief Executive Officer Syed Basar Shueb said in an interview. It’s also an “opportunity” for shareholders who want to sell their stock, he added.

Emirati nationals own nearly 90% of IHC. Its second-biggest shareholder is Royal Group, a company led by the UAE’s national security adviser, Sheikh Tahnoon Bin Zayed Al Nahyan — who is also IHC’s chairman. The biggest individual shareholder, Pal Group of Companies LLC, is a subsidiary of Royal Group. Together, they own about 60% of IHC. Its low free float means that despite its size, IHC is not part of the widely-tracked MSCI Emerging Markets Index.

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It announced the buyback program earlier this month, planning for a total of as much as 5 billion dirhams to be executed over a one-year period, pending approval from shareholders and regulators.

“This is our strategy for rewarding our shareholders who have probably not seen the share price growth in the past year,” the CEO said. “It should help boosting the price.”

IHC’s had a 43,500% rally that’s often caused head-scratching among analysts starting from 2019 as it transformed from a little-known fish farming business to a $240 billion conglomerate playing a key role in diversifying the economy of the United Arab Emirates. It has investments ranging from Elon Musk’s Space X to Zambia’s Mopani copper mine.

Its stock has stalled and traded in a tight range for nearly two years, but it’s still valued at much higher multiples than many prominent global firms. For instance, IHC carries a price to book value of 7 times, versus 1.57 times for Berkshire Hathaway Inc.

The CEO also said his firm is looking to list Daman Insurance, a unit of IHC subsidiary PureHealth Holding PJSC. Initial public offerings have picked up significantly in the Gulf region over the past three years, though most of IHC’s offerings are sold only to local investors.

Earlier this year, Shueb told Bloomberg that IHC is looking to list subsidiaries 2PointZero, International Technology Holding and and Sirius International Holding. He added a Sirius unit, called Apeiro, won a contract to finance and build a digital platform for Kenya’s universal health care system of about $150 million.

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