Merged SHUAA Capital entity holds first general meeting virtually

General Meeting approves the Board of Directors' report in respect of the activity and financial position of the Company for the financial year ending 31 December 2019


United Arab Emirates: SHUAA Capital psc (DFM: SHUAA), the leading asset management and investment banking platform in the region, held its first general meeting (GM) virtually on Wednesday, April 15.

SHUAA’s first post-merger annual results, approved by the Board, reflected ADFG’s positive contribution to the enlarged entity as well as the company’s capacity to sustain revenue and capitalize on growth opportunities. The company reported an EBITDA of AED 186 million including merger costs and a net profit to shareholders of SHUAA Capital of AED 47 million by 31 December 2019.

At the GM, SHUAA Capital’s shareholders, among other matters, ratified financial results for the year ending 31 December 2019.

Jassim Alseddiqi, Chief Executive Officer of SHUAA Capital psc, said: “SHUAA’s management team is committed to continuing to deliver on the synergies and sustainable value arising from the merger with ADFG. Our strategic focus combined with core strengths in innovative investment solutions and differentiated product offerings provide us with the resilience needed to continue creating value for our clients and shareholders, even during these challenging times.” 

SHUAA is currently working on several new mandates, among them as lead arranger on the Gulf Navigation Holding PJSC (DFM:GULFNAV) AED 125 million sukuk that is expected to be raised through a private placement.

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