SHUAA Capital PSC

SHUAA Capital p.s.c., a financial investment company based in Dubai, United Arab Emirates, has denied recent rumors about the company going private and delisting from the Dubai Financial Market. The company's Board of Directors confirmed these rumors are unfounded. The company is currently working on a previously disclosed capital restructuring plan. The Board will keep shareholders updated about the developments by February 14, 2024, when the company's unaudited preliminary consolidated financial statements for the financial year ending December 31, 2023, will be disclosed.

SHUAA Capital p.s.c., a financial investment company based in Dubai and regulated by the U.A.E. Securities and Commodities Authority, has announced the resignation of its Finance Director, Mr. Gunshyam Kripa, due to personal reasons. Mr. Kripa will serve a one-month notice period to ensure smooth continuity of business activities. The notification was communicated by Bachir Nawar, the Chief Legal and Compliance Officer of SHUAA Capital.

SHUAA Capital p.s.c., a financial investment company licensed and regulated by the U.A.E. Securities and Commodities Authority, has its head office in Dubai. The company has informed that its Board of Directors has approved resolutions concerning customary business-related matters. The information was communicated by the company's Chief Legal and Compliance Officer, Bachir Nawar.

SHUAA Capital, a leading asset management and investment banking platform in the UAE, has appointed Hamda Eid AlMheiri to its Board of Directors, effective from 13 December 2023. AlMheiri currently heads the Government Affairs function for Abu Dhabi's ADQ and has had an extensive career in private and public sector leadership roles, including the UAE investment industry. SHUAA Capital's Chairman expressed that AlMheiri's experience and expertise would be invaluable to the company's strategic objectives and growth. AlMheiri also sits on the Board of Presight, a leading big data analytics company in the region.

SHUAA Capital p.s.c., a financial investment company based in Dubai and regulated by the U.A.E. Securities and Commodities Authority, has announced two resolutions taken by its Board of Directors. The first resolution is the acceptance of Mrs. Maha AlQattan's resignation from the Company's Board of Directors, and the appointment of Mrs. Hamda Eid Almheiri as a Board member to replace her until the expiry of the board term on 21 April 2024. The second resolution pertains to other customary business-related matters. The company's Chief Legal and Compliance Officer, Bachir Nawar, communicated these decisions.

SHUAA Capital has reported its financial results for the first nine months of 2023, showing plans to consolidate its balance sheet. The company's focus for Q3 2023 was to address legacy issues and strengthen the balance sheet through a capital reduction and subsequent capital increase via rights issuance. This resulted in a net loss of AED 570 million due to an impairment on its legacy goodwill and provisions against legacy assets. However, operating revenues reached AED 128 million, a 52% increase compared to the same period last year. The company also completed a key step in its capital optimization plan by extending the maturity of a USD 150 million group-owned special purpose vehicle bond. The company is in discussions with its creditors and the regulator to secure necessary approvals for the next stage of its capital optimization process.