Shuaa Capital's chief executive Jassim Alseddiqi has increased his stake in the Dubai-based investment bank and now controls more than a quarter of the company.
Investors including Mr Alseddiqi bought about 58 million shares from Shine Investments in Commercial Projects.
The transaction pushed Mr Alseddiqi 's direct stake in the company to nearly 30 per cent, Shuaa said in a regulatory filing to the Dubai Financial Market, where its shares are traded.
It did not give financial details of the transaction or disclose what Mr Alseddiqi’s previous stake in the company was.
After the acquisition, which was executed through a “special deal” on the DFM, Shine does not own a stake in the investment bank, Shuaa said on Sunday.
Mr Alseddiqi is also chairman of GFH Financial Group and board member of First Abu Dhabi Bank and the Abu Dhabi Chamber of Commerce and Industry.
Shuaa Capital merged with the Abu Dhabi Financial Group two years ago to create a business with both an asset management and investment banking platform to diversify its revenue streams.
In August, the company reported a jump in first-half profit on the back of higher net fee and commission income.
Its net income for the reporting period rose to Dh54 million ($14.7m) from Dh5m a year earlier. Net fee and commission income climbed more than 52 per cent to Dh157m, it said at the time.
The company also plans to set up three special purpose acquisition companies, or SPACs, with capital of $200m each, as it looks to tap into the growing market for blank-cheque companies, it said in July.
Shuaa, which has assets of $14 billion under management, led the funding round for music-streaming service Anghami late last year.
It is also launching a digital platform to expand its wealth management services and in June hired a former Visa executive Hadi Raad to run its FinTech business.
The investment bank intends to integrate technology such as artificial intelligence with “curated management and advisory services” it said at the time.