Dubai – Mubasher: SHUAA Capital on Thursday announced that its shareholders had approved a share buyback to be sold again over the coming period during the general assembly meeting held on Thursday.
Shareholders authorised the board of directors to implement the decision after obtaining the Securities & Commodities Authority’s (SCA) approval, according to a statement to the Dubai Financial Market (DFM).
The Dubai-based investment bank also authorised the board to reduce its capital if the deadline set by the SCA for selling these repurchased shares ended.
SHUAA Capital also approved to amend articles of association that will help in distributing dividends.
The company’s market capitalisation value amounted to AED 1.15 billion.
SHUAA Capital had previously forecast to achieve a profit of AED 100 million during 2018.
On a related note, the DFM-listed firm nodded to distribute a cash dividend of AED 21.3 million, or AED 0.2 per share, for the first half of 2018.
