Shuaa gets reg­u­la­tory nod for ADFG to buy stake

Kuwait Times - - BUSINESS -

Dubai’s Shuaa Cap­i­tal said yes­ter­day it has re­ceived reg­u­la­tory ap­provals al­low­ing Abu Dhabi Fi­nan­cial Group (ADFG) to buy a 48.36 per­cent stake in the in­vest­ment bank. Al­ter­na­tive in­vest­ment firm ADFG agreed in June to ac­quire the stake from Dubai Bank­ing Group, a sub­sidiary of Dubai Group. Shuaa re­ceived ap­proval from both the cen­tral bank and the stock mar­ket reg­u­la­tor, the bourse state­ment said, adding that it ex­pected ADFG to ex­e­cute the trans­ac­tion on the Dubai stock ex­change soon, with­out pro­vid­ing a date.

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