05 November 2009
Shuaa 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 Shuaa has appointed Bain & 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 Shuaa has sizeable investments in several companies, including Amwal (46.7 per cent, Qatar), Al Kout Industrial Projects Company (48.7 per cent, Kuwait), Taghleef Industries (23.4 per cent, Dubai), Orion Holdings Overseas, City Engineering (40 per cent), Septech 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 Shuaa 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.
Shuaa 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 Shuaa has appointed Bain & 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 Shuaa has sizeable investments in several companies, including Amwal (46.7 per cent, Qatar), Al Kout Industrial Projects Company (48.7 per cent, Kuwait), Taghleef Industries (23.4 per cent, Dubai), Orion Holdings Overseas, City Engineering (40 per cent), Septech 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 Shuaa 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
© Emirates Business 24/7 2009
