SHUAA Capital PSC

SHUAA Capital psc reported accumulated losses of AED 967 million for Q3 2024, with an accumulated losses to capital ratio of 38.13%. The losses are primarily attributed to fair value losses from impairments and write-offs related to investments, goodwill, and receivables in the UK, legacy real estate assets, and valuation adjustments of an associate's underlying asset. Additional factors include the recognition of a deferred tax liability due to new corporate tax laws in the UAE, receivable write-offs from revised land valuations in the UAE, fair value losses from investments in public market securities and managed investments, and accrued coupons on USD 150 million bonds issued by an affiliated SPV.

SHUAA Capital PSC and its subsidiaries have released their condensed consolidated interim financial information for the period from January 1, 2024, to September 30, 2024.

Shuaa Capital PSC, a licensed investment company regulated by the Securities and Commodities Authority, held a Board of Directors meeting. During this meeting, the board approved the consolidated and audited financial statements for the period ending September 30, 2024, and discussed other company-related matters. The communication was addressed to Mr. Hamid Ahmed Ali, CEO of the Dubai Financial Market.

Shuaa Capital PSC, headquartered in Dubai, UAE, is a licensed financial investment company regulated by the Securities and Commodities Authority. The company has scheduled a board meeting on Wednesday, November 13, 2024, at 4:30 PM. The agenda includes approving the consolidated and audited financial statements for the period ending September 30, 2024, and discussing matters related to the company's operations. The notice is addressed to Mr. Hamid Ahmed Ali, CEO of Dubai Financial Market, and is signed by Islam Mahrous, the Chief Compliance Officer.

Shuaa Capital PSC held a board meeting to review company activities and progress on capital structure improvement plans. The board approved two convertible bond issuances, pending necessary regulatory approvals, with final terms to be presented at the next board meeting. The decision to call a general assembly meeting for shareholder approval of the convertible bonds was postponed to the next board meeting scheduled for November 13, 2024.

Shuaa Capital PSC, a licensed financial investment company regulated by the Securities and Commodities Authority, has scheduled a Board of Directors meeting on Monday, October 28, 2024, at 3:00 PM. The agenda includes approving two convertible bond issuances, subject to regulatory approvals, considering calling a general assembly meeting for shareholders to approve the bond issuance, and discussing company-related matters. The meeting will take place at their headquarters in Dubai, UAE.

شعاع كابيتال ش.م.ع، شركة استثمار مالية مرخصة وخاضعة لرقابة هيئة الأوراق المالية والسلع، تلقت إخطارًا من محكمة دبي الابتدائية العمالية بشأن دعوى قضائية من عضو مجلس إدارة سابق للمطالبة بمستحقات عمالية تقدر بنحو 22 مليون درهم. الشركة تعتقد أن الدعوى لا أساس لها من الصحة بناءً على التقييم المبدئي وتعتزم الطعن عليها. كما أوضحت الشركة أن المساهمين صوتوا بعدم إبراء ذمة عضو مجلس الإدارة السابق عن السنة المالية المنتهية في 31/12/2023، وهي في المراحل النهائية لبدء إجراءات التقاضي ضده. شعاع كابيتال ستقوم بإحاطة السوق والمساهمين بالتطورات الجوهرية في هذا الشأن.

On 14 August 2024, SHUAA Capital psc reported its Q2 2024 financial statements, revealing accumulated losses of AED 945 million, representing a 37.28% accumulated losses to capital ratio. The losses are primarily attributed to fair value losses and impairments related to investments, goodwill, and receivables, particularly in the UK and legacy real estate assets. Additional factors include losses from an associate's valuation adjustments, the recognition of a deferred tax liability due to new corporate tax laws in the UAE, and write-offs from revised land valuations and public market securities investments. To address these losses, SHUAA Capital has implemented capital optimization measures, including an agreement with noteholders to amend the terms of its USD 150 million bonds. This agreement allows for the conversion of a portion of the bonds into equity through Mandatory Convertible Bonds (MCB), with the remaining bonds potentially being settled at a discount in cash.

SHUAA Capital announced its financial results for the first half of 2024, showing an adjusted net operating loss of AED 2 million, an improvement of AED 5 million from the previous year. The company also reported a reduced net loss attributable to shareholders of AED 29.5 million in Q2 2024, down from AED 87.2 million in Q1 2024. Operating margins increased by 8% due to cost efficiencies. SHUAA continued balance sheet optimization, including asset valuation adjustments and impairments of legacy UK investments. An agreement with bondholders was reached in April 2024 to reduce leverage by over AED 500 million through mandatory convertible bonds, expected to be completed by the end of 2024. The company is focusing on business growth, increasing assets under management, securing new mandates, and attracting talent. SHUAA also increased its ownership in Eshraq to over 25%. CEO Wafik Ben Mansour expressed satisfaction with the progress and commitment to completing the capital optimization plan for sustained growth. Key financial metrics for H1 2024 included revenues of AED 50 million, an adjusted net operating income loss of AED 2 million, a cost-income ratio of 103%, one-off non-cash charges of AED 71 million, and a net loss of AED 117 million.

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