Shuaa Capital said that its subsidiary, Amwal International Investments, has entered into an agreement to sell its 51% stake in the capital of NCM Investment Company - Kuwait - an electronic brokerage company for electronic trading, with a value of 200 million dirhams.
Shuaa Capital clarified that the sale transaction, which is still subject to regulatory approvals, is expected to be completed during the fourth quarter of 2022.
And Shuaa Capital said in a statement to the Dubai Financial Market, today, Monday, that the deal will have positive effects on the company’s financial statements in the last quarter of this year.
Shuaa Capital, which is active in the field of financing and asset management and whose shares are listed on the Dubai Financial Market, recorded losses of 164.3 million dirhams in the first half of this year, compared to profits for the same period last year of 54.1 million dirhams.
Shuaa Capital’s losses in the second quarter of this year amounted to about 169.9 million dirhams, compared to profits in the second quarter of 2021, which amounted to about 29.1 million dirhams.