Finalization of the merger between SHUAA Capital and Abu Dhabi Financial Group

Abu Dhabi Financial Group announced Sunday that it has finalized the merger with Shuaa Capital and raised its authorized capital to 2.54 billion AED.

The two companies said in a joint statement that the authorized capital increase comes after SHUAA issued 1.47 billion new shares on the DFM to Abu Dhabi Capital Management, the parent company of Abu Financial Group Dhabi Financial Group and strategic partner of Shuaa.

In June, both parties agreed terms of the merger, which allowed an entity to manage badets worth $ 12.8 billion.

Abu Dhabi Financial shareholders will own 58% of the new entity, while current Shuaa shareholders will hold 42%.

The company indicated that its capital was increased after the approval by the Securities and Commodity Authority to amend its bylaws.

The net profit of SHUAA Capital for the year 2018 is set at 27.18 million AED, down 63.3% from 744.016 million AED in 2017.

The market value of the SHUAA is about $ 207 million and its badets, of $ 575 million at the end of the year 2011. The Abu Dhabi Financial Group is managing an badet of more than $ 20 billion, according to Bloomberg.

And the financial group Abu Dhabi (ADG), a leading global group that offers a wide range of investment opportunities and financial services in harmony with its subsidiaries and licensed companies.