Abu Dhabi – Mubasher: International Holding Company (IHC) plans to acquire a 10% equity ownership in cryptocurrency firm Phoenix Group through its unit International Tech Group.
IHC’s subsidiary entered into a definitive agreement for the potential transaction, according to a disclosure.
Meanwhile, the UAE-based company is working to conclude all required procedures and obtain the regulatory approvals needed for the acquisition.
Phoenix provides crypto-mining equipment distribution and hosting services. The company has a portfolio of mining facilities in the Middle East, Europe, the US, and Canada.
The ADX-listed group hiked its stake in Adani Enterprises Limited (AEL) to more than 5%, in line with its strategy to explore key investment opportunities in India.
In the first half (H1) of 2023, IHC generated net profits valued at AED 10.39 billion, up from AED 10.35 billion during the same period a year earlier.
