Dubai-based Shuaa Capital has sold its 3.8 percent stake in Khaleeji Commercial Bank (KHCB) to GFH Financial Group.
In a posting to Dubai Financial Market (DFM) it was also announced that Goldilocks Fund – managed by Shuaa’s subsidiary, Shuaa GMC Ltd – also sold a 9.76 percent stake in KHCB to Bahrain-based GFH.
Ajit Joshi, managing director and head of public & private markets at Shuaa, said: “We have been very clear on our goal of exiting non-core assets as part of our overall strategy to optimise growth.
“This sale is in line with that strategy and demonstrates a further milestone in the wind-down process of our non-core assets unit, allowing Shuaa to focus on driving growth and creating further value for our investors.”
Last month, the asset management and investment banking platform announced its highest Q1 profits in a decade.
Ajit Joshi, managing director and head of public & private markets at Shuaa
Net profits attributable to shareholders reached AED25 million ($6.8m) for the firm, and operating income totalled AED45m ($12.3m), the company reported. While revenues of AED102m ($27.8m) showed a 42 percent increase year-on-year.
Also in May, Shuaa announced that it had sold its 20 percent stake in Mirfa International Power and Water Company (MIPCO) to Japanese outfit Sojitz Corporation (Sojitz).
Follow us on
