Shuaa Capital seeks licence to manage IPOs

Firm has called a shareholders' meeting to seek approval for share buyback

  
Investors look at electronic display boards on the trading floor at the Dubai International Financial Market March. Image for illustrative purposes.

Investors look at electronic display boards on the trading floor at the Dubai International Financial Market March. Image for illustrative purposes.

REUTERS/Mohammed Salem

UAE - Investment bank Shuaa Capital on Sunday called a shareholders' meeting to seek approval for share buyback and also to initiate investment management and managing initial public offering activities.

Listed on the Dubai Financial Market, the Abu Dhabi-headquartered bank said in a statement posted on the Dubai bourse that the meeting will be held on September 13 and will also seek approval to mandate the board of directors to reduce the company's capital in case of expiry of the period set by the Securities and Commodities Authority for the bought-back shares to be resold.

The meeting next month will also vote to amend articles to allow convening the general assembly not just in Dubai but also in any other emirate across the country.

The amendments are subject to approval of the Securities and Commodities Authority regulator.

In May, Shuaa CEO Fawad Tariq Khan told Khaleej Times that the company is eyeing over Dh100 million in profits as it aims to grow organically and inorganically.

Khan had said the group would continue to exit its non-core assets and rather focus on core business such as investment banking, asset management and capital markets.

On Sunday, Shuaa's shares closed unchanged at Dh1.02 on the Dubai bourse.

The investment bank's profits for the first half of 2018 fell to Dh26.3 million from Dh36.8 million for the same period last year. It would seek shareholders' approval for 10 per cent share buyback and proposed dividend of Dh0.02 per share for H1 2018.

In May, Shuaa and Jabal Omar Development Company (JODC), one of the largest publicly-listed real estate companies in Saudi Arabia, signed a memorandum of understanding to launch and manage real estate investment vehicles in the kingdom.

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