Shuaa to acquire 87% stake in Amwal

Dubai: Shuaa Capital said yesterday it will increase its stake to 87.22 per cent, in Amwal International Investment Company, after the latter’s shareholders agreed to sell their shares.

Shuaa, the Dubai-based investment bank, said in a statement that shareholders representing 70.91 per cent of Amwal’s shares have responded to Shuaa’s offer and submitted their application to sell these shares. Together with Shuaa’s existing 29.4 million shares in Amwal, the total stake will amount to 87.2 per cent.