More exposure
After Air Arabia, Shuaa Capital is the second company on the Dubai Financial Market that disclosed it has an exposure to the embattled Abraaj Group, amounting to $8.83 million.
dubai — After Air Arabia, Shuaa Capital is the second company on the Dubai Financial Market (DFM) to disclose an exposure to the embattled Abraaj Group.
According to a statement to DFM, the Dubai-based investment bank confirmed an $8.83 million exposure to the group.
“Shuaa Capital with its clients holds 3.6 per cent interest in The Abraaj Buyout Fund II L.P. Based on the September 2017 NAV statement, this exposure is valued at $8.83 million,” the company said.
Elaborating, it said that Shuaa Capital has a $4.9 million exposure while for its clients, it is $3.92 million.
Earlier, Air Arabia had disclosed $336 million worth of exposure to the Abraaj Group in June.
On Wednesday, DFM-listed companies made disclosures in line with the directive of the market regulator, the Securities and Commodities Authority, to disclose exposure to one of the biggest buyout funds in the Middle East.
Majority of the 51 local companies listed on DFM reported no exposure to the Abraaj Group as 30 companies said they have no investments or any connection with the entity. Emaar, Emaar Development, Damac Properties, du, Dubai Islamic Bank, Emirates Investment Bank, Amlak Finance, NGI Insurance, Gulf Navigation and Aramex are some of the notable names who have no exposure to Abraaj, according to filings to the DFM.
“As of now, only two companies — Air Arabia and Shuaa Capital, have disclosed exposure to Abraaj. About 19 DFM companies have yet to submit their disclosure to the exchange,” according to an analyst.
Ajman Bank said it had neither granted a loan or invested in any of
Abraaj Group’s investment funds. However, it disclosed that the bank has entered into a syndication to finance Stanford Marine Company, in which Abraaj Capital acquired a 51 per cent stake against mortgaging ships. “The accrued amount, which are due now and payable by
Stanford Marine Company, is Dh105 million,” Ajman Bank said in a statement to the DFM.
Moreover, Dubai Islamic Bank said it has no exposure to Abraaj Group, either in the form of financing and/or investment.
“Some of the employees of
about 19 dFM companies have yet to submit their disclosure to the exchange Analyst
Correction
Abraaj Group have facilities with Dubai Islamic Bank in the form of personal home finance, personal and auto finance,” the bank said in a statement to the DFM.
In a story published in Khaleej Times on July 11, the article mistakenly said that Commercial Bank International (CBI) has exposure to Abraaj Group.
“We accept that this is not the case, and that CBI has no exposure, investment or relationship with Abraaj Group or any of its related companies, as per a filing to the Abu Dhabi Securities Exchange on Tuesday,” CBI said.