Abu Dhabi Financial Group completed its merger with Dubai-based Shuaa Capital PSC, according to an Aug. 4 joint statement.
Shuaa Capital increased its authorized capital to 2.54 billion United Arab Emirates dirhams from 1.07 billion dirhams due to issuing 1,470,720,000 new shares to Abu Dhabi Capital Management, Abu Dhabi Financial Group's parent.
The newly issued shares are subject to a 12-month lockup period to demonstrate the investor's commitment to the deal.
Shuaa now owns 48% of the new combined entity with $12.8 billion in AUM, while Abu Dhabi Financial Group owns the remaining 52%.
