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Shuaa Capital’s shareholders nod to merger with ADFG

Shuaa Capital’s shareholders nod to merger with ADFG
ADCM will own 58% of Shuaa
Shuaa
SHUAA
0.32% 0.94 0.00

UAE – Mubasher: Shuaa Capital’s shareholders have approved the proposed transaction with Abu Dhabi Financial Group (ADFG).

The transaction will see Shuaa issuing 1.47 billion shares to ADFG’s parent company Abu Dhabi Capital Management (ADCM) in return for the entire issued share capital of ADFG.

Following the conclusion of the deal, ADCM will own 58% of Shuaa, according to a statement released on Thursday.

“We are bringing together two market leaders, ADFG and SHUAA, to create the leading Asset Management and Investment Banking platform in the region,” CEO of ADFG Jassim Alseddiqi said.

The new Shuaa shares will be subject to a 12-month lock-up as of the date of admission. The agreed valuation represents a 60% premium to the undisturbed Shuaa share price.