Shuaa says it does not intend to delist DFM shares

The Dubai-based investment bank is making progress with its capital restructuring programme

Shuaa, at its peak, managed more than $13 billion in assets under management. Photo: Shuaa

Dubai-based investment bank Shuaa Capital does not intend to become a private company and delist its shares from the Dubai Financial Market.

The recent speculation about Shuaa going private and the company’s board planning to delist from the emirate's bourse is “unfounded,” the company said on Friday in a brief statement to the DFM.

The company's previously disclosed capital restructuring plan is also continuing and it will keep the shareholders informed about the developments on February 14, when it plans to announce its financial results for 2023, it added.

In October, Shuaa said that it had received board approval to optimise its capital structure through a decrease and subsequent increase in its issued shares – part of plans to boost profit, reduce debt and strengthen its balance sheet.

“The capital optimisation plans are intended to create a platform for growth as the company seeks to capitalise on market opportunities in the UAE and wider region while leveraging its talent and expertise to service clients,” it said at the time.

Shuaa aims to double its assets under management to $10 billion in the next five years and is evaluating several investment deals across the six-member GCC economic bloc, its former chief executive Fawad Khan told The National in an interview in August.

Mr Khan stepped down from the post in November and Wafik Ben Mansour has taken the responsibility of leading the company as its acting chief executive.

In November, Shuaa also liquidated its Nasdaq-listed $100 million special purpose acquisition company amid uncertain market conditions.

Set up in 1979, Shuaa runs asset management and investment banking businesses and has been involved in key transactions debt and equity transactions across the region over the past few years.

Its asset management platform manages real estate funds and projects, investment portfolios and funds in the regional equities, fixed income and credit markets, while the investment banking platform offers corporate finance advisory, transaction and private placement services, as well as public offerings of equity and debt securities.