Abu Dhabi's ADFG, Al Mal Capital among Shuaa Capital bidders

Dubai Group, a unit of Dubai Holding, is in the process of selling its holding in investment bank Shuaa
Abu Dhabi's ADFG, Al Mal Capital among Shuaa Capital bidders
By Reuters
Tue 31 May 2016 06:57 PM

Abu Dhabi Financial Group and Al Mal Capital are among the bidders for Dubai Group's 48.4 percent stake in Shuaa Capital, sources familiar with the matter told Reuters.

Dubai Group, a unit of Dubai Holding, the investment vehicle of the emirate's ruler, is in the process of selling its holding in Dubai investment bank Shuaa to raise funds to meet repayments under its $10 billion debt restructuring.

Alternative investment firm Abu Dhabi Financial Group, which bought First Gulf Bank's brokerage arm in 2014, has placed a bid for Shuaa, an Abu Dhabi-based banker and a Dubai banker said.

Dubai investment firm Al Mal Capital, which is 60 percent owned by Dubai Investments, has also bid for Shuaa, the Dubai-based banker and a second Dubai-based banker said.

Abu Dhabi Financial Group declined to comment when contacted by Reuters, while Al Mal Capital did not respond to emails from Reuters requesting comment.

Dubai Group's stake in Shuaa Capital was worth around 334.5 million dirhams ($91.1 million) based on Tuesday's closing share price of 0.65 dirhams, according to Reuters calculations.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.