Dubai: Shuaa Capital (Shuaa), the UAE-based financial services group which recently completed a transformational merger with Abu Dhabi Financial Group L.L.C. (ADFG), on Sunday announced that it has agreed to sell its Shuaa Securities brokerage and market-making businesses in the UAE to IHC RSC Ltd, a subsidiary of International Holdings Company (IHC), pending regulatory approvals.
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IHC is an investment holding company with diverse interests, listed on the Abu Dhabi Securities Exchange.
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Under the terms of the all-cash deal, IHC will acquire the operations of both businesses, which currently function as stand-alone business units within SHUAA. This sale is part of the strategy of the combined entity to exit non-core businesses and focus on Asset Management and Investment Banking.
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