DUBAI 25 March 2019: Shuaa Capital psc and Abu Dhabi Financial Group LLC have commenced discussions regarding the possibility of a merger of the two institutions to become a larger financial listed firm with the final structure subject to legal and regulatory consent.
A statement from troubled Shuaa said, “Each party has formed a Working Group made up of senior executive management to review the commercial potential along with any legal and structural aspects of the transaction together with financial, legal and valuation advisors.
“On completion of the review, the Working Groups will provide their recommendations to the respective Board of Directors of each institution and, should a transaction be agreeable, seek regulatory approvals.
It cautioned that, “At this time, there is no certainty that discussions between the parties will result in a transaction.
Shuaa shall notify the shareholders and the markets on any material progress on the matter once an agreement is reached between the parties.”