SHUAA and funds sell all their Khaleeji Commercial Bank stake


United Arab Emirates: 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.”

About SHUAA Capital psc:

SHUAA Capital psc (DFM: SHUAA) is a leading asset management and investment banking platform, with c. USD 14 billion in assets under management. SHUAA Capital psc is recognized for its strong track record and pioneering approach to investing through a differentiated, innovative and global product offering focused on public and private markets, debt and real estate. 

The asset management segment, one of the region’s largest, manages real estate funds and projects, investment portfolios and funds in the regional equities, fixed income and credit markets; it also provides investment solutions to clients, with a focus on alternative investment strategies. The investment banking segment provides corporate finance advisory, transaction services, private placement, public offerings of equity and debt securities, while also creating market liquidity on OTC fixed income products. The firm is regulated as a financial investment company by the Securities and Commodities Authority.