Dubai: Shuaa Capital plans to lift round $150 million via a rights subject after one in every of its former executives and key shareholders minimize his stake within the Dubai-based funding financial institution.
The corporate is working with Houlihan Lokey on the capital elevate that might be used to strengthen its fairness base and doubtlessly entice new buyers, individuals aware of the matter mentioned.
The cash may even be used to repay a bond that matures on the finish of October, mentioned the individuals, who requested to not be named as a result of the data is personal. Shuaa is searching for permission from bondholders to increase the debt fee deadline as a result of the rights subject is unlikely to be accomplished earlier than it matures, the individuals mentioned.
Representatives for Shuaa and Houlihan Lokey declined to remark.
Former director Jassim Alseddiqi not too long ago decreased his stake in Shuaa from about 25 % to lower than 5 %, in response to a inventory change submitting earlier this week. In a LinkedIn submit final month, Alseddiqi mentioned he’s stepping right down to pursue pursuits in expertise, analysis and academia.
Lately the corporate has undergone a number of restructurings, possession and administration adjustments. The chief working officer additionally resigned final month and the financial institution not too long ago appointed Ahmed Alahmadi, a former worker of sovereign wealth funds ADQ and Mubadala Funding, to its board of administrators.