Shuaa sells 3.8% KHCB stake to GFH Filed on June 7, 2021
Ajit Joshi, managing director and head of public and private markets at Shuaa. — Supplied photo

The company exiting non-core assets is part of overall strategy to optimise growth.

Shuaa Capital’s sale of 3.8 per cent stake in Khaleeji Commercial Bank (KHCB), totalling 34,648,071 shares, to GFH Financial Group is expected to contribute positively to Shuaa’s Q2 financials.

The sale of 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 per cent stake in KHCB (totalling 87,078,724 shares) to GFH Financial Group. Following these disposals, Shuaa and Goldilocks no longer have any holding in KHCB.

Ajit Joshi, managing director and head of public and 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 optimise 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.” —

Staff Reporter

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