Dubai – Mubasher: Abu Dhabi Financial Group (ADFG) received the official approvals from the Central Bank of UAE and Securities and Commodities Authority (SCA) to acquire stake in Shuaa Capital.
The group will acquire 515 million shares in Shuaa Capital, representing 48.36% of the company's capital.
Shuaa Capital's capital totals AED 1.07 million, distributed over 1.07 million shares, with a par value of AED 1 per share.
The acquisition will be through Shine Investments in Commercial Properties, fully owned by Abu Dhabi Financial Group.
"As per SCA regulations, the acquirer and the seller have until 13 January to execute the transaction," according to a bourse filing on Tuesday.
