Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
SHUAA Capital shareholders approve transformational transaction with ADFG at General Meeting today
 
100% of SHUAA Capital’s shareholders in attendance at the General Meeting have voted in favour of the proposed combination with ADFG
• Transaction implies that ADFG’s shareholders will own 58% of the enlarged entity, with SHUAA’s existing shareholders owning 42% 
• This combination makes compelling strategic sense, bringing together a unique full-service product offering for clients via an enhanced distribution network, and benefiting from ADFG’s track record of continuous profitability and returns, thereby creating substantial shareholder value
 
Abu Dhabi, UAE, 14 July 2019:  SHUAA Capital PSC (SHUAA), a market leader in regional investment banking and capital markets services, today announced that it had concluded its shareholders’ General Meeting to approve the proposed transaction with Abu Dhabi Financial Group L.L.C. (ADFG), a leading investment group in the region. Shareholders voted strongly in favour of the proposed combination, with 100% of shareholders in attendance approving the transaction.  
 
The transaction is now subject to final regulatory approvals and satisfaction of conditions precedent and is expected to be completed soon. 
 
Jassim Alseddiqi, CEO of ADFG, said, “We are delighted to have received shareholder approval for this deal and the strong voting in favour of the combination recognizes the compelling strategic rationale behind this deal. 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.”
 
Transaction structure
 
Under the terms of the Transaction, SHUAA will issue 1,470,720,000 new SHUAA shares to ADFG’s parent company Abu Dhabi Capital Management (the Strategic Investor) in return for the entire issued share capital of ADFG.  This implies the Strategic Investor will own 58% of the enlarged entity.
As a demonstration of the Strategic Investor’s commitment to the Transaction, the new SHUAA shares will be subject to a 12-month lock-up from the date of admission. The agreed valuation represents a 60% premium to the undisturbed SHUAA share price.
 
Following the admission of the new SHUAA shares, the issued share capital of SHUAA will increase from 1,065,000,000 SHUAA shares to 2,535,720,000 SHUAA shares. The combined entity will remain listed on Dubai Financial Market and is expected to be rebranded as “ADFG” with work on a full integration plan underway. 


Posted by : Dubai PR Network Editorial Team
Viewed 5203 times
PR Category : Banking & Investments
Posted on : Sunday, July 14, 2019  10:46:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Ras Al Khaimah to Host the 7th Arab conference of Investment...
Next Story : Union Coop Reports 20% Growth in Net Profit for the First ha...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Drops of Youth [12029-Views]
Go Neutral with Palladio Beauty [10358-Views]
Valentine's Gifts to Fall in Love With [9699-Views]
Reveal Your Cosmic Beauty With These Gift Sets From Wet n Wild [9400-Views]
Start the Year with Gorgeous Glowing Skin with a Little Help from DERMAdoctor [7881-Views]
The Tag Heuer Autavia [7747-Views]
Corum Admiral's Cup Legend 47 Worldtimer' [7601-Views]
Regulator at pole position [7509-Views]
Parmigiani Fleurier creates horological history with world's first wristwatch with Islamic... [7308-Views]
Dubai Jewellers Expect a Steady Sale During the 25th Dubai Shopping Festival Promotion [6728-Views]
Malabar Gold & Diamonds - New Store opened in Kanpur, UP, India [6515-Views]
Kanz Jewels proves to be a lucky destination for jewellery shoppers during DSF 2020. [6509-Views]
The Winter Youth Olympic Games Lausanne 2020 [6436-Views]
OMEGA Ready to Time The Winter Youth Olympic Games Lausanne 2020 [6381-Views]
Show your Support for Australia alongside THT – That Hair Tho [5771-Views]
Eberhard & Co. Gilda timepiece makes an extraordinary Valentine's Day gift [5710-Views]
Corum And Joachim Horsley Light Up The Folies Bergère [4837-Views]
Former United Nations Secretary-General Ban Ki-moon delivers keynote speech at inaugural G... [4630-Views]
Seha Leads Discussions in Pediatric Medicine [4368-Views]
Valentine's Day Fashion and Gifting - Steve Madden [4252-Views]
Spice It Up With Szechuan! Shake Shack is Celebrating the Chinese New Year With an Asian-i... [3977-Views]
Fashion and Gifting for Valentine's Day - ECCO [3776-Views]
Celebration in Bahrain for Aga Khan Award Laureate “Revitalisation of Muharraq” [3764-Views]
The Data Center Market in 2020: What to Expect [3684-Views]
ADNEC to Host the World Future Energy Summit 2020 [3568-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories