Dubai – Mubasher: Shuaa Capital’s subsidiary, Amwal International Investment Company, has entered into an agreement to sell its 51% stake in NCM Investment (Kuwait) for AED 200 million, according to a bourse filing on Monday.

NCM Investment is an online financial brokerage company.

Subject to regulatory approvals, the transaction is forecast to close in the fourth quarter (Q4) of 2022 and reflect positively on Shuaa Capital’s financials over Q4-22.

It is worth noting that during the first half (H1) of 2022, Shuaa Capital turned to net losses attributable to the parent worth AED 164.30 million, against net profits of AED 54.06 million in H1-21. Meanwhile, its net operating revenues plummeted to AED 152.95 million in H1-22, from AED 176.29 million in the year-ago period.