By Sam Bridge
Shuaa says it has sold its market-making unit in all-cash deal to Al Ramz Corporation Investment & Development
Shuaa Capital, which recently completed a merger with Abu Dhabi Financial Group, has announced the completion of an all cash deal to sell its market-making business.
Shuaa said in a statement that it has sold the unit to Al Ramz Corporation Investment & Development, a public joint stock company listed on the Dubai Financial Market and regulated by the UAE Securities and Commodities Authority and the Dubai Financial Services Authority.
The deal was struck after plans to sell its market-making business to IHC RSC Ltd, a subsidiary of International Holdings Company, collapsed last year.
Shuaa said the sale was part of its plan to exit non-core activities to focus on further growing its asset management and investment banking platform.
The deal will see all staff and market-making activities transferred to Al Ramz, according to a previous statement.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.