Dubai-based asset manager Shuaa Capital has refuted stories that it plans to delist from the Dubai Financial Market (DFM).
In a statement to the exchange, the firm said: “With reference to the recent news about Shuaa Capital PSC going private and the intention of the company’s board of directors to delist it from the Dubai Financial Market, the board wishes to confirm that all such rumours are unfounded.”
The statement adds that a capital restructuring plan is in place and more details will be disclosed on February 14, when the firm publishes its financial results for 2023.
Shuaa Capital plans rights issue
Shuaa Capital bolsters executive board
It has been a dramatic few months for Shuaa Capital, which was formed in 1979.
The firm received board approval in October to undergo a capital optimisation plan and in November, it announced plans for a rights issue while also liquidating a Nasdaq-listed US$100 million special purpose acquisition company, citing uncertain market conditions.
There was also a change in management in November when chief executive Fawad Khan was succeeded by Wafik Ben Mansour.