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Abu Dhabi-based investment firm Eshraq Investments has completed the acquisition of a stake in Goldilocks Investment Company Limited, with Eshraq now owning 99.25% of Goldilocks.
After obtaining all regulatory approvals, Eshraq has completed the reduction of the company’s capital from AED2,325,000,000 to AED1,435,360,000 and absorbed all accumulated losses. Eshraq issued a further 1,385,073,097 new shares (AED 1.00 par value) and registered in the name of the new shareholders in exchange for their shares held in accordance with the terms of the agreement. Eshraq’s newly issued capital is AED 2,820,433,097 and the company’s total assets now exceed AED 3.8 billion (US$ 1.03 billion).
The book value of Eshraq today is expected to be between AED0.92-0.96 per share. The exact book value per share will be determined in the third quarter of 2022.
As of April 2022, Goldilocks has completed its full exit from the listed company GFH Financial Group. Goldilocks has no stake in GFH Financial Group today.
Goldilocks has acquired approximately 50% of Thalassa Investments, a partnership that holds 100% of Stanford Maritime Group and Allianz Maritime and Logistics Services. The two companies own and manage more than 150 offshore support vessels valued at approximately $400 million. The combined EBITDA of these two businesses in the first half of 2022 was more than $35 million. The group’s net debt is around 2x EBITDA, one of the lowest leverage ratios in the industry.
Goldilocks also signed an agreement to acquire a 51% stake in foreign exchange, commodities and index trading firm NCM Investment. The acquisition is subject to the regulatory approvals customary for such transactions.
Eshraq is also reviewing its dividend policy and expects to present a revised dividend policy and dividend guidance soon.
Eshraq received approval for its buyback proposal at its most recent general meeting. The company intends to begin buybacks after all regulatory approvals have been obtained. – arab trade news agency
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