Dubai-based investment bank Shuaa Capital said its Kuwait-based subsidiary Amwal International Investment Co. has agreed to sell its 51% stake in NCM Investment (Kuwait), an online brokerage, for 200 million dirhams ($54.4 million).

The sale is expected to close in Q4 2022 and will have a positive impact on Shuaa Capital's financials for the quarter, the Dubai Financial Market-listed company said in a regulatory filing.

The sale is subject to regulatory approvals, it added

(Writing by Brinda Darasha; editing by Daniel Luiz)