Dubai Investments completes 59.66% acquisition in Al Mal Capital.
Dubai: Dubai Investments (DI), the leading investment company listed on the Dubai Financial Market, said it has completed acquisition of 59.66 per cent stake in Al Mal Capital PSC, which when allied to the 1.20 per cent already held by the company, equates to an overall shareholding of 60.86 per cent.
Al Mal is a diversified investment institution, offering a wide range of investment products spread across its business lines of investment banking, brokerage and asset management. The acquisition paves the way for DI to enter the financial services sector and adds a strategic element to its diversified investment base.
"We have been eyeing an entry into the financial services sector for some time and the integration of Al Mal into the DI Group gives us the edge that we need as we continue our drive towards delivering even more value to our stakeholders," said Khalid Bin Kalban, Managing Director and CEO of Dubai Investments and Chairman of Al Mal.
Al Mal recently held its first board meeting post-acquisition, during which the company's strategy and growth plans were discussed. The board also gave the go ahead for appointment of a consultant to work on aligning Al Mal's strategy with DI requirements.
Al Mal, through its investor network, provides DI the opportunity to explore fresh avenues and expand its geographical footprint whilst also giving it the opportunity to significantly strengthen its assets under management.
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|Publication:||Gulf News (United Arab Emirates)|
|Date:||Jun 23, 2015|
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