Dubai - Mubasher: Shuaa Capital, listed on the Dubai Financial Market (DFM), on Sunday announced it has signed an agreement with IHC RSC Ltd, a subsidiary of International Holdings Company (IHC), to sell its Shuaa Securities brokerage and market-making businesses in the UAE.
Under the terms of the agreement, IHC will acquire the operations of the aforementioned businesses which now act as “stand-alone business units, within Shuaa, according to a press release.
This sale, which is pending regulatory approvals, is a part of the Shuaa-ADFG merger’s strategy to exit non-core businesses and focus on asset management and investment, the UAE-based financial services group highlighted.
Shuaa Capital had recently completed a transformational merger with Abu Dhabi Financial Group L.L.C. (ADFG).
In August, Shuaa Capital said it had raised its authorised capital to AED 2.535 billion from AED 1.065 billion through the issuance of nearly 1.470 billion shares at a nominal value of AED 1 per share in favour of Abu Dhabi Capital Management, the parent company of ADFG.
