UAE-based financial firm Shuaa Capital has sold its 3.8 percent stake in Khaleeji Commercial Bank (KHCB), totaling 34,648,071 shares, to GFH Financial Group.
The sale, which is expected to contribute to Shuaa’s second quarter financials, comes as part of its strategy to shed non-core assets, the asset manager said in a statement Monday.
Goldilocks Fund, managed by subsidiary Shuaa GMC Ltd., also sold a 9.76 percent stake in Khaleeji (totaling 87,078,724 shares) to GFH Financial Group.
Following these disposals, Shuaa and Goldilocks no longer have any holding in KHCB.
As part of the strategy Shuaa last month divested its 20 percent equity stake in Mirfa International Power and Water Company (MIPCO), to Japanese group Sojitz Corporation (Sojitz).
(Writing by Brinda Darasha; editing by Daniel Luiz)
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