Dubai: Shuaa Capital (Shuaa), the UAE-based financial services group which recently completed a transformational merger with Abu Dhabi Financial Group L.L.C. (ADFG), on Sunday announced that it has agreed to sell its Shuaa Securities brokerage and market-making businesses in the UAE to IHC RSC Ltd, a subsidiary of International Holdings Company (IHC), pending regulatory approvals.
IHC is an investment holding company with diverse interests, listed on the Abu Dhabi Securities Exchange.
Under the terms of the all-cash deal, IHC will acquire the operations of both businesses, which currently function as stand-alone business units within SHUAA. This sale is part of the strategy of the combined entity to exit non-core businesses and focus on Asset Management and Investment Banking.