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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.