By: Mahmoud Gamal
Dubai – Mubasher: SHUAA Capital’s stock surged on Sunday after news stipulating that the company has begun negotiations to acquire two companies.
By 12:36pm UAE time, SHUAA’s stock gained 14.72% to AED 1.87, with a turnover of AED 100.64 million after 55.5 million shares changed hands.
What is happening is nothing more than speculation to make use of the acquisition news, financial analyst Mahmoud Zayed told Mubasher.
Earlier on Sunday, SHUAA announced being in talks to acquire Integrated Capital and Integrated Securities from Integrated Financial Group.
The finalisation of the deal is pending due-diligence and regulatory approval, the company said in a bourse filing.
The administrative changes that have taken place at SHUAA recently will open new doors to investment both domestically and externally, which will positively impact the investment company’s financials in 2017, the analyst added in a comment to Mubasher.
Meanwhile, analyst Mohamed Kamal told Mubasher that from a technical perspective, SHUAA’s stock has seen strong buying that may boost it to reach AED 2.
Translated by: Nada Adel Sobhi
