The UAE International Holding Company IHC has acquired 54% of the Middle East ICT provider Emircom.
According to Arabia Net, the value of the acquisition deal amounted to 250 million dirhams.
The company plans to invest $1 billion to $5 billion in markets including Indonesia, Colombia, Turkey and India.
It is targeting sectors such as food, infrastructure and healthcare, the CEO said in a previous interview with Bloomberg.
IHC CEO Syed Basr Shuaib said: “We will continue to seek more acquisitions across various industries, including ICT, building on our solid track record of acquiring high-value, profitable investments that benefit our shareholders in the short and long term. The acquisition of a majority stake in Americom will help IHC Digital continue to increase its profitability and strengthen its presence in this field.
It is worth noting that the UAE International Holding Company, IHC, submitted an offer to buy a 25% to 31.25% stake in the Colombian food company Nutrica at $15 per share, which is a significant premium over the last closing of the share.
Global Holding, led by the ruling family in Abu Dhabi, entered into a partnership with billionaire Jaime Gilinsky, in his bid to buy a large part of the Colombian food maker Nutresa for $2.15 billion.
IHC is the largest Emirati company by market value and is headed by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's national security advisor and brother of the country's president, according to Bloomberg.
Gilinsky's company has spent more than $2 billion to buy stakes in Nutresa and other companies in a consortium known as Grupo Empresarial Antioqueno, or GEA.
But the billionaire eventually refused to buy shares in Nutresa after his bid was too low.
Nutrisa's GDRs closed at $10 on Tuesday.
Its shares closed at 36,980 pesos ($8.36), valuing the company at $3.83 billion.
It is noteworthy that the company's largest shareholders, Grupo de Inversiones Suramericana and Grupo Argos, own a 45% stake in it.
International Holdings IHC plans to invest billions of dollars in markets including Colombia, its chief executive told Bloomberg last month.
At the time, he said, Global Holdings would target sectors such as food, infrastructure, and healthcare, with investments ranging from $1 billion to $5 billion, depending on the country and opportunity.