Dubai - Mubasher: Shuaa Capital, listed on the Dubai Financial Market (DFM), on Sunday announced the completion of the merger with the Abu Dhabi Financial Group (ADFG).

The DFM-listed company has also raised its authorized capital to AED 2.535 billion from AED 1.065 billion through the issuance of nearly 1.470 billion shares at a nominal value of AED 1 per share, Shuaa said in a statement.

The admission of the new shares on the DFM was in favour of Abu Dhabi Capital Management LLC, the parent company of ADFG and strategic investor in SHUAA.

This comes following the approval of the Securities and Commodities Authority to amend the company’s Articles of Associations.

“As a demonstration of the strategic investor’s commitment to the transaction, the new SHUAA shares will be subject to a 12-month lock-up period from the date of admission,” Shuaa noted.

In July, Shuaa Capital revealed that its shareholders approved the proposed business combination with ADFG at the company’s general meeting, adding that the merger was subject to final regulatory approvals.