IHC acquires m ajority stake in Em ircom for Dhs250 m illion

AB U DHAB I: International Holding Company (IHC) announced on Wednesday the completion of a 54 per cent stake acquisition in Emircom, the Middle East’s leading information and communications technology (ICT) provider, through its subsidiary, IHC Digital.

This Dhs250 million transaction comes as part of the IHC’S group-wide strategy to grow its digital assets porfolio and expand into new growth areas.

For nearly four decades, Emircom has been the ICT partner of choice for many of the most challenging projects in the Middle East, servicing a wide customer base such as service providers, governments, educational institutes, finance houses, and health care organisations.

Syed Basar Shueb, IHC’S Chief Executive Officer, said, “We shall continue to seek further acquisitions in different industries, including the ICT area, building on our well-established track record of acquiring high-value and profitable investments that benefit our shareholders in the short- and long-term. This 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 Emircom’s shareholder, said, “This acquisition brings a new dimension to Emircom, as well as adds further scale to our business growth plans in the Middle East market. It is testament to the Emircom team that we have received such a strong endorsement from IHC Digital, a key strategic subsidiary of International Holding Company. We are delighted our partnership will be further enhanced following this acquisition.”