Tuesday, Sep 18, 2012
DUBAI (Zawya Dow Jones)--The management of Essdar Capital, a financial advisory, asset management and investment firm in Dubai, is buying out the company, it said in a statement Monday.
Two units called Essdar Capital and Essdar Capital Managers will be bought out by management, the emailed statement said. They are seeking approvals to complete the deal from the Dubai Financial Services Authority, which regulates activity in the Dubai International Financial Centre, where they are based.
"This is one of the first management buy-outs in the Middle-East of a specialist financial institution and may change the trend of how financial institutions are owned and operated in the region," Mohamad Sotoudeh, Essdar's chief executive, said. "We are grateful to our past shareholders and directors for their kind assistance and guidance which enabled Essdar's accomplishments."
Since beginning operations in 2008, Essdar has advised on debt restructurings and managed investments in regional distressed debt, among other activities.
- Write to Asa Fitch asa.fitch@dowjones.com
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(END) Dow Jones Newswires
18-09-12 0814GMT
