Dubai's Shuaa Capital offloads securities and market-making businesses

In January, Shuaa announced an agreement to sell its equities market-making business

  
Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

REUTERS/Ahmed Jadallah

Dubai’s Shuaa Capital has completed the sale of its securities and market-making businesses.

The company is implementing its non-core exit strategy to focus on expanding the group's asset management and investment banking platform, it said in a statement.

On January 15, 2020, Shuaa Capital had announced a deal to sell its equities market-making business to Al Ramz Corporation Investment & Development.

Earlier, on September 8, 2019, it sold its Shuaa Securities brokerage unit in the UAE to IHC RSC, a subsidiary of International Holdings Company. Both transactions were completed under the terms of an all-cash deal with a total deal value of close to 100 million UAE dirhams ($27.2 million) .

(Writing by Gerard Aoun; Editing by Mily Chakrabarty)

(gerard.aoun@refinitiv.com)

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© ZAWYA 2020

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