This file photo from 2018 shows Fawad Tariq Khan, CEO of Shuaa Capital Image Credit: Atiq ur Rehman/Gulf News

Dubai: Shuaa Capital said on Sunday it has commenced discussion with Abu Dhabi Financial Group (ADFG) for a possible merger.

“At this time, there is no certainty that discussions between the parties will result in a transaction,” Shuaa Capital said in an emailed statement.

Both the companies have formed a working group of “senior executive management to review the commercial potential along with any legal and structural aspects of the transaction.”

Shuaa Capital shares jumped to its maximum daily limit of 15 per cent to be at Dh0.72.