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Shuaa shares rise

Shuaa Capital, the UAE’s biggest investment bank, rose 14.57 percent…


August 30, 2009 2:33 by

Shuaa Capital, the UAE’s biggest investment bank, rose 14.57 percent on Sunday, the highest jump since June 28, closing at AED1.73. The increase follows a regulatory approval to allow Shuaa to issue 515 million to Dubai Banking Group (DBG) in exchange for convertible bonds valued at AED1,500 million, bringing the bank’s capital to AED1.065 billion.

The shares represent a 48.4 percent stake in Shuaa.


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