| 05 Nov 2009 |
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Shuaa to sell stakes in associates
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Shuaa CapitalShuaa Capital
is planning to sell its shareholdings in a number of associates, according to a company document.The CEO of the firm, Sameer Al Ansari, has stated that ShuaaShuaa
has appointed Bain & CompanyBain & Company, a global business consulting firm, to help formulate future strategy.Notes to the company's financial statements for the nine-month period ending September 30, 2009, indicated that ShuaaShuaa
has sizeable investments in several companies, including AmwalAmwal (46.7 per cent, Qatar), Al Kout Industrial ProjectsAl Kout Industrial Projects Company (48.7 per cent, Kuwait), Taghleef IndustriesTaghleef Industries (23.4 per cent, Dubai), Orion Holdings Overseas, City Engineering (40 per cent), Septech HoldingSeptech Holding (49 per cent, Cayman Islands) and Mezzanine Investment Partners (25 per cent). The total value of these investments as of 2008-end has dropped from Dh900.689 million to Dh605.359m as of September-end.
The asset base of ShuaaShuaa
has fallen from Dh5.848 billion as of September 2008 to Dh3.303bn in the first nine months of this year.The document said the DIFC-incorporated Orion Holdings Overseas, of which the company owns 20 per cent, has wound up its activities. The directors of Orion have voted to liquidate the company, but a resolution to liquidate failed to achieve the necessary majority in a vote by shareholders.
By CL Jose
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