Dubai: Shuaa Capital, the Dubai asset management company, has sold the 3.8 per cent stake it owns in Bahrain’s Khaleeji Commercial Bank to GFH Financial Group. The sale should provide Shuaa with a boost in its second-quarter numbers.
It forms part of the strategy to exit all non-core assets that Shuaa has been on since its merger with Abu Dhabi Financial Group. In the January to end March , it achieved a 10-year record for quarterly profits and confirmed that it is on track with the process to wind down non-core assets unit as planned.
In addition, Goldilocks Fund (managed by subsidiary Shuaa GMC ltd.) sold a 9.76 per cent stake in KHCB (totaling 87.07 million shares) to GFH Financial Group. Following these disposals, Shuaa - with $14 billion as assets under management - and Goldilocks no longer have any holding in KHCB.
"We have been very clear on our goal of exiting non-core assets as part of our overall strategy to optimize growth," said Ajit Joshi, Managing Director and Head of Public and Private markets at Shuaa. "This sale is in line with that strategy and demonstrates a further milestone in the wind-down process of our non-core assets unit, allowing Shuaa to focus on driving growth and creating further value for our investors.”