PHOTO
Dubai-based Shuaa Capital PSC on Friday said it has successfully completed the sale of its Egyptian brokerage unit for 3.6 million dirhams ($980,000) as part of a strategy to shed non-core assets.
The asset manager said in a statement on the Dubai Financial Market (DFM) that the sale followed the conclusion of a capital reduction process, which generated around 10 million dirhams for the parent company.
Shuaa said it will invest the sales proceeds in its core and growth activities, adding that the sale will likely reflect positively in the financial results.
The financial services company, which oversees about $13.9 billion in assets, last week saw a series of top-level management changes. Fawad Tariq Khan took over as CEO while Gunshyam Kripa was promoted to the position of finance director. It has hired more than 20 financial services professionals so far this year with plans to add more.
Earlier this month, Shuaa completed a leveraged buyout of Allianz Marine and Logistics Services.
(Writing by Brinda Darasha; editing by Seban Scaria)
