The main shareholders of Dubai-listed investment bank Shuaa Capital are in early-stage talks to sell their stakes, Bloomberg reported.
As part of the plans, Shuaa Capital's Managing Director, Jassim Alseddiqi, will step down from his role. "I have always been someone who thrives on challenges and the relentless curiosity inside me is urging me to explore a new path: A foray into the world of technology, research and academia," Alseddiqi said in a post on LinkedIn.
“In line with this transition and my evolving direction and endeavours, I’ve decided to reposition my stake in Shuaa Capital, paving the way for new shareholders,” he said.
Alseddiqi is one of the top shareholders with about a 25% stake.
According to Bloomberg, shareholders including Alseddiqi, who collectively own more than 50% of the bank’s shares, are in talks with several potential advisers including Lazard Ltd.
"The shareholders’ preference would be for a single strategic buyer or consortium, but might eventually decide not to sell, or only part with some of their holdings," Bloomberg reported citing people familiar with the matter.
Started in 1979, the investment bank has a strong presence across multiple regions and has close to $5 billion in assets under management.
(Writing by Seban Scaria; editing by Brinda Darasha)