Abu Dhabi-based International Holding Company (IHC) has announced acquiring a 55% majority stake in the UAE recruitment and outsourcing firm Reach Employment Services for a value of $85.8 million (AED 315 million).
The acquisition is subject to regulatory approvals, according to a Wednesday filing on the Abu Dhabi Securities Exchange (ADX).
“Employment services are an important part of any community’s economic development strategy, specifically for emerging markets and industries,” said IHC CEO Syed Basar Shueb in a statement.
IHC, which ranks 12th on Forbes Middle East’s Top 100 Listed Companies 2022 list, plans to increase its investments in employment services to improve its labor market position, Shueb said.
IHC stock marginally dropped by 0.10% on ADX to close at $108.85 (AED 399.8) per share, giving the company a market capitalization of $238.8 billion (AED 877 billion) as of February 1, 2023.
