SHUAA Capital PSC

On 14 August 2024, SHUAA Capital psc reported its Q2 2024 financial statements, revealing accumulated losses of AED 945 million, representing a 37.28% accumulated losses to capital ratio. The losses are primarily attributed to fair value losses and impairments related to investments, goodwill, and receivables, particularly in the UK and legacy real estate assets. Additional factors include losses from an associate's valuation adjustments, the recognition of a deferred tax liability due to new corporate tax laws in the UAE, and write-offs from revised land valuations and public market securities investments. To address these losses, SHUAA Capital has implemented capital optimization measures, including an agreement with noteholders to amend the terms of its USD 150 million bonds. This agreement allows for the conversion of a portion of the bonds into equity through Mandatory Convertible Bonds (MCB), with the remaining bonds potentially being settled at a discount in cash.

SHUAA Capital announced its financial results for the first half of 2024, showing an adjusted net operating loss of AED 2 million, an improvement of AED 5 million from the previous year. The company also reported a reduced net loss attributable to shareholders of AED 29.5 million in Q2 2024, down from AED 87.2 million in Q1 2024. Operating margins increased by 8% due to cost efficiencies. SHUAA continued balance sheet optimization, including asset valuation adjustments and impairments of legacy UK investments. An agreement with bondholders was reached in April 2024 to reduce leverage by over AED 500 million through mandatory convertible bonds, expected to be completed by the end of 2024. The company is focusing on business growth, increasing assets under management, securing new mandates, and attracting talent. SHUAA also increased its ownership in Eshraq to over 25%. CEO Wafik Ben Mansour expressed satisfaction with the progress and commitment to completing the capital optimization plan for sustained growth. Key financial metrics for H1 2024 included revenues of AED 50 million, an adjusted net operating income loss of AED 2 million, a cost-income ratio of 103%, one-off non-cash charges of AED 71 million, and a net loss of AED 117 million.

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Shuaa Capital PSC, headquartered at The H Hotel, Office Tower, 15th Floor, Office No. 1502, P.O. Box 54013, Dubai, UAE, is a licensed financial investment company regulated by the Securities and Commodities Authority under license number 630307 and commercial license number 200219. On August 14, 2024, the company's Board of Directors held a meeting and made the following decisions: 1. Approval of the company's consolidated and audited financial statements for the period ending June 30, 2024. 2. Review of shareholder resolutions from the company's annual general meeting and directing the company's management to initiate and follow up on the implementation of those resolutions. 3. Other matters related to the company's business. The letter was addressed to Mr. Hamid Ahmed Ali, CEO of the Dubai Financial Market. Sincerely, Islam Mahrous Chief Compliance Officer

Shuaa Capital PSC has scheduled a Board of Directors meeting at 3:00 PM on Wednesday, August 14, 2024. The agenda includes the approval of the company's consolidated and audited financial statements for the period ending June 30, 2024, the follow-up on shareholder resolutions from the company's annual general meeting, and other company-related matters. The meeting will be held at the company's headquarters located at The H Hotel, Office Tower, 15th Floor, Office No. 1502, Dubai, UAE.

SHUAA Capital announced its first quarter financial results for 2024, showing significant improvements. The company reported an adjusted net operating income of AED 5 million, reversing a previous loss of AED 14 million. The operating margin improved to 16% from a negative 29%. SHUAA continued its balance sheet optimization, including asset valuation adjustments and impairments of legacy investments, and reached an agreement with bondholders to reduce debt by over AED 500 million. The company is focused on issuing Mandatory Convertible Bonds and expects to finalize its capital optimization plans by the end of 2024. SHUAA is transforming its business model to focus on Asset Management and Investment Banking, supported by a strong Sales and Distribution platform. New senior appointments were announced, including Wafik Ben Mansour as CEO and Roberta Calarese as Chief Legal Officer. The company aims to enhance shareholder value and will provide regular updates on its progress. Key financial metrics for Q1 2024 include revenues of AED 30 million, an adjusted net operating income of AED 5 million, and a net loss of AED 87 million.

SHUAA Capital psc reported accumulated losses of AED 916 million for Q1 2024, representing 36.12% of its capital. The losses stem from several factors, including fair value losses due to impairments in investments, goodwill, and receivable write-offs related to its UK investments and legacy real estate assets. Additional losses were due to valuation adjustments of an associate’s underlying asset, the recognition of a deferred tax liability following the implementation of corporate tax law in the UAE, and write-offs from revised land valuations in the UAE. Fair value losses from investments in public market securities and managed investments also contributed. To address these accumulated losses, SHUAA Capital has initiated capital optimization measures. The company has secured an agreement with noteholders to amend the terms of its USD 150 million bonds, issued by an affiliated special purpose vehicle (SPV). This agreement allows bondholders to convert a portion of their bonds into equity through the issuance of Mandatory Convertible Bonds (MCB), with any remaining bonds potentially being settled at a discount in cash.

SHUAA Capital PSC and its subsidiaries have released their condensed consolidated interim financial information for the period from January 1, 2024, to March 31, 2024.

Shuaa Capital PSC, headquartered at The H Hotel, Office Tower, 15th Floor, Office No. 1502, P.O. Box 54013, Dubai, UAE, is a licensed financial investment company regulated by the Securities and Commodities Authority under license number 630307 and commercial license number 200219. On July 16, 2024, Shuaa Capital's Board of Directors made decisions by circulation, including the approval of the company's consolidated and reviewed financial statements for the period ending March 31, 2024, and other company-related matters. The communication was addressed to Mr. Hamad Ahmed Ali, CEO of Dubai Financial Market. The notice was signed by Islam Mahrous, Chief Compliance Officer.