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International Holding Company (IHC), Abu Dhabi-based conglomerateacquired a 54 percent stake in information and communications technology provider Emircom for AED 250 million ($68 million).
In a statement to the Abu Dhabi Stock Exchange, where its shares trade on Wednesday, IHC said the acquisition, through its subsidiary IHC Digital, is part of the group’s expansion of its digital asset portfolio and expansion into new Part of a growth area strategy.
Founded in Abu Dhabi in 1984, Emircom provides end-to-end digital solutions to service providers, governments, educational institutions, financial institutions and healthcare institutions in the Middle East.
It also has partnerships with tech companies such as Cisco, Oracle, Dell, Palo Alto, Fortinet, F5, Software AG, Microsoft, SAS, Huawei, Schneider and HP.
IHC said the deal is still subject to regulatory approvals and legal formalities.
Syed Shueb said: “We will continue to pursue further acquisitions in various industries including the ICT sector, building on our track record of obtaining high value and profitable investments that benefit our shareholders in the short and long term.” , CEO of IHC.
“This acquisition of a majority stake in Emircom will help IHC Digital continue to deepen its profitability and depth in the space.”
IHC, majority-owned by Abu Dhabi-based PAL Group of Companies, was established in 1998 to diversify and grow the UAE’s non-oil business sector.
The company is rapidly expand its portfolio Through local and global acquisitions and investments, it currently has more than 30 entities and 52,345 employees.
IHC is included in the FTSE ADX 15 Index, which represents the 15 largest and most liquid companies on the ADX.
It is diversifying its holdings to include real estate, agriculture, healthcare, food and beverage, utilities, industrials, IT and communications, retail and leisure, and capital.
Earlier this month, IHC 15% stake acquired Healthcare Providers in UAE Burger Holdings an undisclosed amount.
action comes first Burjeel’s announcements this week This year sold an 11% stake in the company in ADX’s IPO.
We will continue to pursue further acquisitions in different industries including the ICT sector
Syed Shueb, CEO of IHC
Last month, IHC also acquired a 50% stake in Turkish Renewable Energy Company Kalyon Enerji expands its clean energy portfolio with AED 1.8 billion.
It also expanded in India, Asia’s third-largest economy, and completed AED7.3 billion investment deal with India’s Adani Group Led by billionaire industrialists Gautam Adani.
As part of the deal, the Abu Dhabi company is investing in three of the Adani Group’s green-focused companies – Adani Green Energy, Adani Transmission and Adani Enterprises, it said in May.
Hussain Al Nowais, chairman of Al Nowais Investments and Emircom shareholder, said IHC’s latest acquisition will support the further growth of Emircom, which currently employs around 1,000 people.
“This acquisition brings a new dimension to Emircom and further expands our business growth plans in the Middle East market,” he said.
Updated: September 28, 2022 8:38 AM
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