Abu Dhabi, UAE: Eshraq Investments PJSC (“Eshraq” or “Company”), listed on the Abu Dhabi Securities Exchange (“ADX”), announced that it held its Annual General Meeting (AGM) on April 28, 2022.
During the General Meeting, shareholders overwhelmingly voted in favor of the planned acquisition of Goldilocks Investment Company Limited (“Goldilocks” or “Fund”) by Eshraq. The non-cash transaction previously received approvals from SCA and Eshraq’s Board of Directors.
Notably, the AGM approved by the largest majority (99.5 %) the issuance of new shares to Goldilocks shareholders in exchange for their shares in the Fund to complete the acquisition.
The Board of Directors at Eshraq Investments, said: “Today’s AGM is a very important milestone in Eshraq’s development as a company. We are very pleased that all resolutions related to the approval and execution of the strategic acquisition of Goldilocks were approved by the largest majority. The acquisition of a high performing fund like Goldilocks will enable Eshraq to increase its profitability, contribute to the improvement of its share price and position the company for strong business performance, while creating tangible and long-term sustainable value for Eshraq’s shareholders.
Following the approval from Eshraq shareholders, the Board will seek further necessary approvals from regulators and other relevant stakeholders, which is expected to be completed by the end of Q2 2022. Eshraq’s Q2 2022 reviewed financials are expected to include the impact of consolidated financial position following the transaction and issuance of new shares.
About Eshraq Investments:
Eshraq Investments is an investment Company with an extensive portfolio of residential, hospitality and other real estate projects. Eshraq also has a diversified investment portfolio across equities, fixed income, private equity and debt products.
Goldilocks is an open-ended fund launched in July 2015 and managed by by SHUAA GMC Limited, a subsidiary of SHUAA Capital psc.