SHUAA Capital said that the transaction is part of the strategy of the combined entity to exit non-core businesses and focus on Asset Management and Investment Banking.
Monday 09, September 2019 BY KUDAKWASHE MUZORIWA
Dubai-based SHUAA Capital, the financial services group which recently completed a transformational merger with Abu Dhabi Financial Group (ADFG), has agreed to sell its SHUAA Securities brokerage and market-making businesses in the UAE to IHC RSC, a subsidiary of International Holdings Company (IHC), pending regulatory approvals.
SHUAA stated that under the terms of the all-cash deal, IHC will acquire the operations of both businesses, which currently function as stand-alone business units within SHUAA.
IHC is an investment holding company with diverse interests and it is listed on the Abu Dhabi Securities Exchange.
SHUAA Capital completed its merger with ADFG and increased its authorised capital from AED 1,07 billion to AED 2,54 billion.
The completion of the merger follows the admission of 1,47 billion new shares on the Dubai Financial Market in favour of ADFG’s parent company and strategic investor in SHUAA, Abu Dhabi Capital Management.