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Five DFM-listed firms deny exposure to Abraaj

Five DFM-listed firms deny exposure to Abraaj
The companies included Al Salam Group Holding
Al Salam Bank
SALAM
-3.51% 0.22 -0.01
Al Salam International
SIIS
0.16% 0.63 0.00
AAN
AAN
0.63% 86.00 0.00

KHALEEJI
KHALEEJI
0.00% 0.09 0.00
ALSALAM
ALSALAM
1.47% 27.70 0.40
ALMADINA
ALMADINA
-0.61% 16.20 -0.10

Dubai – Mubasher: A new group of five companies double-listed on the Dubai Financial Market (DFM) and other markets denied on Thursday their exposure to  the ailing private equity firm Abraaj Group, once one of the developing world’s influential investors.

The companies included Al Salam Group Holding, AAN Digital Services, Al Madina for Finance and Investment, Khaleeji Commercial Bank, and Al Salam Bank, according to a bourse statement.

The number of the Dubai- and Abu Dhabi-listed companies that announced their exposure to Abraaj has reached 12, with total investments of AED 2.4 billion in the troubled company.

Abraaj has been facing allegations of money misuse in its $1 billion healthcare fund. In June, the Dubai-based investment firm filed for bankruptcy. It is reportedly undergoing a mega-restructuring plan.

A host of companies, particularly those listed in the UAE, have disclosed their exposure to Abraaj as per a circular issued by the Securities and Commodities Authority (SCA). Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and Commercial Bank of Dubai (CBD).

Analysts previously told Mubasher that companies’ disclosures of the level of their exposure to Abraaj would boost investor confidence in the markets.