The sale is expected to contribute positively to SHUAA’s Q2 financials. The sale of Khaleeji Commercial Bank (KHCB) shares represents continued progress in SHUAA’s stated intention to exit its Non-Core Assets.
In the recent announcement of SHUAA’s Q1 results, which saw the Group achieve a 10-year record for quarterly profits, it confirmed that it is on track with the process to wind down its Non-Core Assets Unit as planned.
In addition, Goldilocks Fund (managed by SHUAA’s subsidiary, SHUAA GMC Limited) also sold a 9.76% stake in KHCB to GFH Financial Group.
Following these disposals, SHUAA and Goldilocks no longer have any holding in Khaleeji Commercial Bank (KHCB).
Ajit Joshi, MD and Head of Public & Private markets at SHUAA, said, “We have been very clear on our goal of exiting non-core assets as part of our overall strategy to optimize growth. 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.”
SHUAA Capital psc (DFM: SHUAA) is a leading asset management and investment banking platform, with c. USD 14 billion in assets under management. SHUAA Capital psc is recognized for its strong track record and pioneering approach to investing through a differentiated, innovative and global product offering focused on public and private markets, debt and real estate.