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Abu DhabiThe Eshraq Investments-based firm has completed the acquisition of Goldilocks Fund as it seeks to diversify its investment portfolio and improve profitability.
Eshraq now owns 99.25% of Goldilocks registered in the Abu Dhabi Global Market, which is in Submitted to the Abu Dhabi Stock Exchange on Tuesdaywhere its shares are traded.
The company said it had reduced its share capital from 2.325 billion dirhams to 1.435 billion dirhams ($382 million) and absorbed all accumulated losses.
Eshraq also issued 1,385,073,097 new shares with a par value of AED 1, registered in the names of the new shareholders, in exchange for their shares held under the agreed terms of the takeover.
As a result of this acquisition, the company’s newly issued capital now stands at AED 2.8 billion, with total assets exceeding AED 3.8 billion.
The book value of Eshraq on Tuesday is expected to be in the range of Dh0.92-Dh0.96 per share, with the exact value to be determined in the third quarter of 2022, the statement said.
Company’s first announcement plan Acquired Goldilocks in March. Eshraq chairman Jassim Alseddiqi said at the time that the move would “strengthen the company’s financial performance and improve operational efficiency”.
Goldilocks, managed by Shuaa GMC, part of Dubai Investment Bank Huaya Capitalhas invested in a number of blue chip companies in the Gulf including Dana Gas, GFH Financial Group, Salama and Takaful Emarat.
The fund is also an investor in companies including music streaming platform Anghami, India’s largest EdTech unicorn Byju’s and Swiss pharma tech firm SkyCell.
Goldilocks acquired approximately 50% of Thalassa Investments, a partnership that holds 100% of Stanford University and Allianz Marine & Logistics Services.
It also signed an agreement to acquire a 51% stake in Kuwait-based foreign exchange, commodities and index trading firm NCM Investment. The transaction is still subject to regulatory approval.
Despite higher revenue from commercial operations, Eshraq, which has a portfolio of residential, hotel and other real estate projects, reported a loss in the second quarter of 2022 due to higher operating expenses and finance costs.
The company lost Dh7 million in the three months to the end of June. statement to ADX.
Updated: August 9, 2022 at 9:16 am
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