Abu Dhabi-listed Eshraq Investments has announced a series of changes to its strategy after the acquisition of Goldilocks fund from Dubai-listed Shuaa Capital PJSC.

The changes include a shareholder decision to contribute financial assets to the fund as an “in-kind subscription”, as well as a three-year programme, under which Eshraq will “fully monetise” its land bank by selling it or developing it for sale.

The company also announced a revised dividend policy, expecting 2 fils per share for 2022, rising by 0.5 fils per share to reach a minimum of 4 fils per share by 2026, to be put forward for approval at the next general assembly.

Its approved share buyback programme is to commence after the expiry of a two-week notification deadline tomorrow (Tuesday), and will see it buy a minimum of 3% of share capital every year.

“The Board further noted the recent decisions of the shareholders meeting to contribute financial assets to Goldilocks as an in-kind subscription,” a statement to Abu Dhabi Securities Exchange (ADX) said.

“Goldilocks will become the company’s core asset, and the composition of the assets is expected to lead to greater stability, improved returns and reduced mark-to-market volatility.”

A new executive committee will assist the board in managing the company’s land monetisation, other investments, and ongoing support to the company’s management, the statement concluded.

(Writing by Imogen Lillywhite; editing by Seban Scaria)