Abu Dhabi – Mubasher: International Holding Company (IHC) has purchased a 55% equity in Reach Employment Services at a value of AED 315 million, according to a press release.

The transaction marks IHC's first business acquisition in 2023 and aligns with the company’s vision to expand and diversify its investments around the globe.

Meanwhile, the ADX-listed company focuses on the employment services sector, planning to develop an advanced network that benefits employees across the UAE as well as job seekers worldwide.

In 2022, Reach Employment Services logged revenues and net profits worth AED 861 million and AED 67.50 million, respectively.

Syed Basar Shueb, CEO of IHC, commented: “Employment services are an important part of any community’s economic development strategy, specifically for emerging markets and industries.”

“Over the past two years and a half, we have taken successful steps with the employment sector investments through our subsidiary Work Force Holding,” Shueb mentioned.

He added: “With the Reach acquisition, we be increasing our market share in a very targeted manner and investments in employment services which will improve our labour market position.”

In line with its expansion and growth strategy, IHC recently unveiled plans to pump AED 1.40 billion into India-based Adani Enterprises Limited (AEL).

During the first nine months (9M) of 2022, the UAE-based company posted net profits attributable to the equityholders worth AED 10.82 billion, higher than AED 4.72 billion in 9M-21.