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Sun 27 May 2007 12:01 AM

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Rasmala completes private placement

Dubai investment firm says it has doubled capital through a private placement involving ten investors.

Dubai-based investment firm Rasmala Investments said on Saturday it had doubled its capital to 370 million dirhams ($100.8 million) through a private placement. Ten investors from Saudi Arabia, Abu Dhabi, Dubai and Oman took part in the private placement, Rasmala said in a statement.

Rasmala Chief Executive Ali Shihabi said in December the firm would delay an initial public offering planned for the end of 2006, until listings on the Dubai International Financial Exchange gathered momentum after a Gulf Arab stock market crash.

Deutsche Bank raised its stake in Rasmala to 18 % from 11 % in the private placement, making it the single largest shareholder in the firm, Rasmala said.

The firm is involved in asset management, investment banking and brokerage.

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