Shuaa Capital, the Dubai-based investment banking group, announced late on Thursday that shareholders had approved a reverse takeover deal that provides a stockmarket listing for its biggest investor, Abu Dhabi Financial Group.

In a press release, the firms said that 100% of the shareholders who attended the meeting approved the transaction, which will lead to the creation of an enlarged financial services group with $12.8 billion of assets under management and annual revenue of 568 million United Arab Emirates dirhams ($151.5 million) per year. Terms of the deal, which will see former Shuaa shareholders owning 42% of the enlarged entity, were announced late last month.

In the statement, ADFG CEO Jassim Alseddiqi said: "We are bringing together two market leaders, ADFG and Shuaa, to create the leading asset management and investment banking platform in the region. We believe there is an exciting opportunity to create significant value for all shareholders and I look forward to working with the enlarged team to deliver continued growth.”

The combined group is set to employ 380 people in seven countries, according to an investor presentation.

The deal remains subject to regulatory approval. Once approved, however, the company will continue to be listed on the Dubai Financial Market but is expected to be rebranded as ADFG, the statement said.

(Writing by Michael Fahy; Editing by Mily Chakrabarty)

(michael.fahy@refinitiv.com)

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