Shuaa Capital on Thursday announced that it had concluded its shareholders’ general meeting to approve the proposed merger with Abu Dhabi Financial Group (ADFG).
Shuaa said in a statement that its shareholders voted strongly in favour of the proposed combination, with 100 percent in attendance approving the transaction.
The transaction is now subject to final regulatory approvals and satisfaction of conditions precedent and is expected to be completed soon, the statement added.
Jassim Alseddiqi, CEO of ADFG, said: “We are delighted to have received shareholder approval for this deal and the strong voting in favour of the combination recognizes the compelling strategic rationale behind this deal.
"We are bringing together two market leaders, ADFG and Shuaa, to create the leading Asset Management and Investment Banking platform in the region. We believe there is an exciting opportunity to create significant value for all shareholders and I look forward to working with the enlarged team to deliver continued growth.”
Under the terms of the transaction, Shuaa will issue 1,470,720,000 new shares to ADFG’s parent company Abu Dhabi Capital Management in return for the entire issued share capital of ADFG, meaning Abu Dhabi Capital Management will own 58 percent of the enlarged entity.
The new Shuaa shares will be subject to a 12-month lock-up from the date of admission.
The combined entity will remain listed on Dubai Financial Market and is expected to be rebranded as ADFG with work on a full integration plan underway.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.
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