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Shuaa Capital jumps on Dubai Group debt deal
- United Arab Emirates: Thursday, May 09 - 2013 at 14:02
The DFM General Index consolidated at a 3.5-year high Thursday by closing up 0.70% at 2,177.68 points. Investment bank Shuaa Capital gained the most, closing up 8.03% at Dhs0.659, a 10-month high. Earlier in the day, investment firm Dubai Group (not listed), owned by state-owned Dubai Holding, said it has agreed restructuring documentation, incorporating the final economic terms, with the coordinating committees and their respective professional advisers, representing the company's financial lenders in regard to approximately $6bn (Dhs22bn) of bank facilities. Dubai Group has stakes in Shuaa Capital and EFG Hermes. Shares of Dubai Islamic Bank, known as DIB, lost the most (off 3.77% at Dhs2.81), while Islamic real estate financing company Tamweel added 2.42% to reach Dhs1.27. Earlier in the day, DIB said further to the deadline of the official offer period on 30 March, 2013, it has gained the necessary approvals and authorisations to issue new shares in order to execute the share swap for those Tamweel investors who validly accepted the offer within the allotted offer period. DIB is Tamweel's largest shareholder and announced on Jan.3 this year to take over 100% of Tamweel. "The share swap will be executed on Thursday 9th May, 2013 after the DFM has closed."
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Gérard Al-Fil, Financial JournalistThursday, May 09 - 2013 at 14:02 UAE local time (GMT+4)
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