Dubai – Mubasher: Shuaa Capital Company’s board has approved a proposal to repurchase up to 10% of its shares, or an around AED 110 million stake, in order to reoffer them.

The Dubai-listed company’s issued capital amounts to AED 1.065 billion distributed on 1.065 billion shares, with a par value of AED 1.1 a share, the Dubai Financial Market’s data showed.

Shuaa’s market capitalisation records about AED 1.15 billion.

The investment firm’s net profits dropped to AED 11.7 million in the first quarter of 2018, compared to AED 24.8 million in the year-ago period.