07 June 2021
United Arab Emirates, 7 June 2021 - SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, announced that it has sold its 3.8% stake in Khaleeji Commercial Bank B.S.C. (“KHCB”), totaling 34,648,071 shares, to GFH Financial Group. The sale is expected to contribute positively to SHUAA’s Q2 financials.
The sale of KHCB shares represents continued progress in SHUAA’s stated intention to exit its Non-Core Assets. In the recent announcement of SHUAA’s Q1 results, which saw the Group achieve a 10-year record for quarterly profits, it confirmed that it is on track with the process to wind down its Non-Core Assets Unit as planned.
In addition, Goldilocks Fund (managed by SHUAA’s subsidiary, SHUAA GMC Limited) also sold a 9.76% stake in KHCB (totaling 87,078,724 shares) to GFH Financial Group. Following these disposals, SHUAA and Goldilocks no longer have any holding in KHCB.
Ajit Joshi, MD 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 optimize 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.”