By Elias Al Helou

Home Sector Banking & Finance Dubai Shuaa Capital’s Kuwait unit to sell stake in brokerage firm for $54.4mln

Dubai Shuaa Capital’s Kuwait unit to sell stake in brokerage firm for $54.4mln

Sale expected to close in Q4 '22

Shuaa Capital (Image credit: Wamda)

Published: Mon 3 Oct 2022, 6:06 PM

Last updated: Mon 3 Oct 2022, 6:07 PM

Dubai-based investment bank Shuaa Capital said its Kuwait-based subsidiary Amwal International Investment Co. has agreed to sell its 51% stake in NCM Investment (Kuwait), an online brokerage, for 200 million dirhams ($54.4 million).

The sale is expected to close in Q4 2022 and will have a positive impact on Shuaa Capital’s financials for the quarter, the Dubai Financial Market-listed company said in a regulatory filing.

The sale is subject to regulatory approvals, it added.

Last August, Shuaa Capital posted a loss of 143.9 million dirhams ($39.2 million) for the second quarter of the year, down from the 39.4 million dirhams profit posted at the same time last year.

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