DUBAI: Shareholders of Dubai-based investment bank Shuaa Capital said they will decide today whether it would continue operations or be dissolved, adding that it has an equity base of AED2.3 billion which is enough to carry on.
The regulator has requested that the company’s shareholders consider on April 15 closing it down after previously agreeing on March 29 to continue trading, Shuaa said in a statement yesterday on Dubai bourse website
It has a total equity base of AED2.3 billion dirhams, “more than sufficient to allow the firm to continue as an ongoing concern and operate all its business units in the future,” it added in the statement.
The investment bank’s troubles are a further sign of the rapid cooling down of Dubai’s once booming financial services industry. In December, Shuaa said it laid off 9 percent of its work force in a bid to cut costs.
— With input from agencies
