Mashreq Bank discloses AED66.5m exposure to Abraaj

Dubai – Mubasher: Mashreq Bank on Thursday uncovered the level of its exposure to Abraaj Holdings amounts to nearly AED 66.459 million.

The Dubai-based bank has 16.66 million shares in Abraaj Holdings amounting to AED 66.028 million.

Mashreq also has 12.5 million shares worth AED 459,125 in Menasa Capital Holdings, it added in a filing to the Dubai Financial Market (DFM).

Mashreq Bank’s announcement is in-line with the circular issued by the Securities and Commodities Authority (SCA) last month, which requires all UAE-listed companies to disclose the level of their exposure to ailing Abraaj Group.

Abraaj’s troubles began after allegations of money misuse in its $1 billion healthcare fund. In June, the Dubai-based investment firm filed for bankruptcy. It is reportedly undergoing a mega-restructuring plan.

Since June, hosts of companies, particularly in the UAE, have disclosed their exposure to Abraaj. Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and Commercial Bank of Dubai (CBD).

Analysts previously told Mubasher that companies’ disclosures of the level of their exposure to Abraaj would boost investor confidence in the markets.

By the end of Wednesday, the number of companies that have so far disclosed their exposure, or lack of it, to The Abraaj Group has risen to 89 firms.

Mubasher Contribution Time: 12-Jul-2018 10:22 (GMT)
Mubasher Last Update Time: 12-Jul-2018 10:23 (GMT)

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