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Dubai’s Rasmala completes private placement
DUBAI - Dubai-based investment firm Rasmala Investments said on Saturday it had doubled its capital to 370 million dirhams ($100.8 million) through a private placement.
Ten investors from Saudi Arabia, Abu Dhabi, Dubai and Oman took part in the private placement, Rasmala said in a statement.
Rasmala Chief Executive Ali Shihabi said in December the firm would delay an initial public offering planned for the end of 2006, until listings on the Dubai International Financial Exchange gathered momentum after a Gulf Arab stock market crash.
Deutsche Bank DBKGn.DE raised its stake in Rasmala to 18 percent from 11 percent in the private placement, making it the single largest shareholder in the firm, Rasmala said.
The firm is involved in asset management, investment banking and brokerage.
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