Dubai:
Financial services firm Shuaa Capital said on Sunday it has entered into an agreement to acquire an investment company called Integrated Capital and Integrated Securities. Shuaa shares rose more than 10 per cent on the news, and closed 14.72 per cent higher at Dh1.87 on the Dubai bourse.
The acquisition will be done from Integrated Financial Group, pending due diligence and regulatory approval and the transaction may close in coming weeks, Shuaa Capital said in an emailed statement.
Shuaa said the acquisition is expected to offer improved synergies and efficiencies with a greater depth of investment products and offerings. The acquisition is part of Shuaa’s return to prominence as a regional investment powerhouse.
“The company is contemplating to restore Shuaa to its rightful position as a leader in capital markets and investment banking in the region. This is a gradual process, with an emphasis on building the right synergies and bringing the best products and services to the company’s clients, investors and stakeholders,” Jassim Al Seddiqi, Chairman of Shuaa Capital, said in a statement.
Integrated Capital is a central bank licensed investment company that has played a leading role in fixed income transactions in the region. In 2016, it acted as the co-lead on the debut $500 million bond issuance by Etihad Airways Partners.