Monday, Nov 21, 2016

Dubai

Shuaa Capital said on Monday it has appointed Jasem Al Seddiqi, who is the chief executive of Abu Dhabi Financial Group, as its new chairman, a day after the company announced the execution of stake purchase.

Al Seddiqi was appointed to the board replacing Ebrahim Al Mansouri. The previous chairman Abdul Rahman Al Hareb will still be a part of the board, Shuaa Capital said in a statement to the Dubai Financial Market.

ADFG bought 48.36 per cent stake or 515 million shares in the company for Dh0.705 each. The stake was bought by a unit of ADFG from Dubai Banking Group, a subsidiary of Dubai Group.

Earlier in the month, Shuaa Capital said its net loss for the nine months to September expanded to Dh113.6 million from Dh28.6 million in the same period last year. The total revenues for the nine months to September edged up slightly to Dh138.7 million from Dh138.1 million.

The third quarter saw total revenues grow to Dh48.7 million, a 42 per cent increase on the third quarter of 2015 when total revenues were Dh34.3 million. Net loss was Dh35.3 million for the quarter as compared to net loss of Dh28.6 million in the corresponding quarter of 2015.

Staff Report

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