PHOTO
Shareholders of Abu Dhabi's Eshraq Investments have approved the plan to fully acquire Goldilocks Investment Co. Ltd., a fund managed by Dubai investment bank, Shuaa Capital.
At its annual general meeting held on Thursday, shareholders also approved the issuance of new shares to Goldilocks shareholders in exchange for their shares in the fund to complete the acquisition, Eshraq said in a bourse statement on the Abu Dhabi Securities Exchange.
The non-cash transaction previously received approvals from SCA and Eshraq’s board of directors.
Last month Eshraq said shares will be issued at 40.6 fils per share, about a 38 percent premium to the stock’s closing price that week.
It did not give further details on the deal value, but said following the acquisition, Eshraq will have combined assets of more than 3.8 billion dirhams ($1.03 billion).
Goldilocks, which invests in top companies across the GCC including Dana Gas and GFH Financial Group, has delivered a 76 percent return in 2021, according to the statement. Also among its investments are music streaming service Anghami, and India's edtech unicorn Byju’s.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
