Dubai: The Dubai investment firm Shuaa Capital has delayed publishing its 2023 audited financials as it tries to close out a debt restructure deal with creditors.
Such a deal would help Shuaa - which has diversified investments in real estate, and equity in technology firms and those in other sectors - reduce its debt exposures and bolster the capital base.
The company is listed on DFM, but the shares are not trading because of the non-submission of the 2023 financial statement.
Shuaa had on March 13 said it has initiated a 'consent solicitation' on amending the terms and conditions of its $150 million in outstanding bonds, which were maturing on March 31, 2024. The outcome of the consent solication is 'anticipated to be determined and announced to all stakeholders by April 5'.
In a statement, the company said: "Shuaa emphasizes the critical importance of noteholders' support for the ongoing restructuring proposal, which is integral to facilitating a third-party capital injection and restoring business stability and continuity.
"The proposed solution most importantly secures the going concern status of the company and offers the best available option to noteholders by offering cash settlement along with the opportunity to participate in the equity of the business."
If the outcome of negotiations with creditors turn out well - and subject to regulatory approvals - Shuaa 'intends to convene a general assembly of shareholders by the end of April to determine subsequent steps'.
Shuaa had seen multiple top executives leave the firm in quick succession, and its unaudited 2023 financials also proved underwhelming.
