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IHC’s unit acquires 54% stake in Emircom for AED 250m

IHC’s unit acquires 54% stake in Emircom for AED 250m
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Abu Dhabi – Mubasher: IHC Digital Holding, a wholly-owned subsidiary of International Holding Company (IHC), has acquired 54% equity in tech firm Emircom at a value of AED 250 million.

The acquisition comes in line with IHC’s strategy to boost its digital assets portfolio and explore new growth areas, according to a press release.

Established in 1984, Emircom is a leading information and communications technology (ICT) provider, which offers end-to-end solutions (E2ES) across the Middle East.

Syed Basar Shueb, CEO of IHC, said: “The acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector.”

Hussain Jasim Al Nowais, Chairman of Al Nowais Investments and a shareholder of Emircom, noted:“The acquisition brings a new dimension to Emircom, as well as adding further scale to our business growth plans in the Middle East market.”

The transaction follows an agreement with Burjeel Holdings, under which one of IHC’s subsidiaries will hold 15% equity in the healthcare provider.

During the first six months (6M) of 2022, the ADX-listed company recorded net profits attributable to the owners of AED 4.41 billion, a leap from AED 2.61 billion in the year-ago period.