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Tue 11 Jun 2019 10:23 AM

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Shuaa Capital impending merger with ADFG in 'final stages'

Jassim Alseddiqi expected to become Group CEO after merger with ADFG

Shuaa Capital impending merger with ADFG in 'final stages'

Shuaa Capital's merger with Abu Dhabi Financial Group (ADFG) is in its “final stages”, according to its CEO.

In a notice to the Dubai Financial Market, Fawad Tariq Khan, CEO of Shuaa Capital, said Jassim Alseddiqi has resigned from the board of directors of Shuaa Capital, and once the merger is completed, Alseddiqi will hold the role of Group CEO in the combined entity should the transaction conclude”.

Fadhel Al Ali, who also serves on the board of directors of ADFG, will replace Alseddiqi at Shuaa.

ADFG, together with its controlled entities, manages more than $20 billion in assets, and is the owner of Shine Investments Commercial Projects, which holds 48.4 percent of Shuaa.

Earlier this year, Shuaa said revenues increased to AED55.4 million in the first quarter of 2019, up from AED33.2 million in the year-earlier period.

However, it also posted a AED 24.9 million net loss for the quarter compared to a profit of AED11.7 million in Q1 2018.

Shuaa attributed the performance to “certain one-off provisions and a change in accounting standards”.

As of March 31, Shuaa said its balance sheet and total assets was AED2.2 billion.

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