IHC acquires majority stake in Emircom for Dh250 million

Dh250 million transaction comes as part of the IHC’s group-wide strategy to grow its digital assets portfolio and expand into new growth areas



This acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector. — Reuters file photo
This acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector. — Reuters file photo
by

A Staff Reporter

Published: Wed 28 Sep 2022, 2:58 PM

Last updated: Wed 28 Sep 2022, 2:59 PM

International Holding Company (IHC) on Wednesday announcedthe 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 Dh250 million transaction comes as part of the IHC’s group-wide strategy to grow its digital assets portfolio 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 this acquisition of a majority stake in Emircom will help IHC Digital to continue deepening its profitability and depth in the sector.

“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," he said.

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.”

Established in 1984, Emircom has strategic partnerships with many prominent players in the ICT segment, including Cisco and Oracle as a Gold Certified Partner, Dell as a Titanium Partner, as well as Palo Alto, Fortinet, F5, Software AG, Microsoft, SAS, Huawei, Schneider and HP.

— business@khaleejtimes.com


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