Shuaa looks to manage IPOs in latest turnaround initiative

The Dubai-listed company, backed by Abu Dhabi Financial Group, is looking to return to form a decade after the 2008 financial crash
Shuaa looks to manage IPOs in latest turnaround initiative
Shuaa Capital is looking to reclaim lustre that it lost after the 2008 financial crash when its reputation as one of the country’s top investment banks took a battering.
By Shayan Shakeel
Mon 20 Aug 2018 12:07 PM

Shuaa Capital will look to procure a license to offer IPO Management services, the Dubai-based investment bank has announced.

The company will look to offer services in "investment management, promotion, introduction and management of initial public offerings businesses after being licensed from the Securities and Commodities Authority,” it said according to a statement.

At its annual general assembly meeting to be held on September 13, the bank will also approach shareholders to approve a share buyback agenda, along with a reduction of company capital at the expiration of the period in which the bought back shares are to be resold by amending its articles of association.

Shuaa Capital is looking to reclaim lustre that it lost after the 2008 financial crash when its reputation as one of the country’s top investment banks took a battering.

Backed with a 48.36 percent stake acquired by Abu Dhabi Financial Group in 2016, the Dubai-listed bank posted its best profits in over a decade last year.

The results came on the back of a turnaround strategy aimed at improving its operations and chasing growth in emerging markets such as Egypt and Saudi Arabia.

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