In May, EML purchased London-based Flex-e-Card for $40.5 million...

In May, EML purchased London-based Flex-e-Card for $40.5 million as it expanded into the gift card business in shopping centres. Flex-e-Cards provides gift card systems to 226 malls in the United Kingdom, Ireland, Poland, Italy, Finland and the United Arab Emirates.Mr Cregan said that in the Middle East the company worked with UAE-based shopping mall operator and retailer Al-Futtaim providing loyalty and gift cards.Al-Futtaim is one of the largest conglomerates in the UAE and employs over 44,000 people across eight divisions, including retail and automotive.“Al-Futtaim owns motor vehicle dealerships that are located in the malls and customers receive gift cards as an incentive to purchase a vehicle,” he said.Montgomery Investment Management chief investment officer Roger Montgomery last month said he liked the scalability of EML’s business model and the “strong upside potential” from the Prepaid Financial Services acquisition.