Dubai – Mubasher: SHUAA Capital on Thursday revealed that it now has a 4.8% stake in Ajman Bank worth AED 100 million ($27.23 million).
The purchase of the stake was carried out during Ajman Bank's rights issue on the Dubai Financial Market (DFM).
"Ajman Bank combines a strong franchise blended with an active growth strategy which we at SHUAA admire. We believe the bank is well positioned to continue to provide shareholder value, and fully endorse the strategic vision of the bank’s Board and management,” commented SHUAA Capital CEO Fawad Tariq-Khan.
In July, Fitch Ratings assigned Ajman Bank a Long-Term Issuer Default Rating (IDR) of ‘BBB+’ with a stable outlook, and affirmed the banks’ short-term credit rating at F2.
Tariq-Khan added that SHUAA was looking forward to growing its relationship with the Dubai-listed bank and exploring synergies between their respective platforms.
Ajman Bank last announced achieving a 4% year-on-year rise in net profits to AED 40.81 million ($11.11 million) by the end of the third quarter of 2018 from AED 39.18 million ($10.67 million). Between January and September, the bank logged AED 119.8 million, a rise of 27% from AED 94.5 million in the corresponding period of 2017.
