Al Ramz Corporation Investment & Development has launched an investment management services division, following the recent completion of a rights issue.
The company, listed on the Dubai stock exchange, said the new division will be headed by its newly appointed chief investment officer Shehzad Janab, formerly head of asset management at Dubai-based Daman Investments.
“We are truly excited at the launch of our investment division and the joining of Shehzad, who brings with him an outstanding track record in the field of fund and investment management,” said Al Ramz managing director Mohammad Al Dandashi.
“We believe the investment management division will play a major role in the future development of Al Ramz.”
The announcement of the new division comes following the completion of a rights issue launched by the company in late October, in which it offered 95 million new shares.
Al Ramz formerly traded as the Dubai Development Corporation.
The company, one of the most illiquid stocks on the Dubai stock exchange, was acquired 12 months ago by brokerage house Al Ramz Capital.
The deal marked the first reverse takeover (where a private company effectively lists by acquiring a public company) in the UAE’s history.
Al Ramz posted a net loss of Dh913,505 for the third quarter earlier this month.
Al Ramz shares were the best performers on the Dubai stock exchange on Monday, after a small trade of 5,643 shares sent the stock 14.4 per cent higher to Dh1.35.
jeverington@thenational.ae
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