Business | Banking

SHUAA seeks regulator's approval to buy back shares and change of financial year

The Board of Directors of SHUAA Capital, the region's financial services institution, has decided on a share buy-back programme for up to 55 million shares representing 10 per cent issued shares of the company. The implementation of the Board decision is subject to approval from relevant regulatory authorities.

  • Staff Report
  • Published: 23:36 October 27, 2008
  • Gulf News

Dubai: The Board of Directors of SHUAA Capital, the region's financial services institution, has decided on a share buy-back programme for up to 55 million shares representing 10 per cent issued shares of the company. The implementation of the Board decision is subject to approval from relevant regulatory authorities.

The Board considers that the recent weakness in the share price has provided an attractive opportunity for the company to purchase its own shares and expects that the company on an opportunistic basis will make purchases.

Iyad Duwaji, Chief Executive Officer of SHUAA Capital commented: "The recent fall in SHUAA's share price below its book value has prompted us to initiate a share buy-back. We continue to be totally focused on creating value for shareholders and growing our business. All our fees business lines are cash flow positive, and we have a strong balance sheet which provide us the flexibility to capitalize on the opportunities that today's market represent."

SHUAA also announced the decision of the Board of Directors to amend Article (51) of the Company's Articles of Association, changing the financial year from April 1 to March 31 of each year to begin on January 1 and end on December 31 of each year, subject to receiving the consent of the Central Bank. This change has been made following the approval obtained from shareholders during the extraordinary general meeting held in June 2008.

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