RIYADH: Shuaa Capital's chief executive Jassim Alseddiqi has increased his stake in the Dubai-based investment bank and now controls more than a quarter of the company.
Investors including Alseddiqi bought about 58 million shares from Shine Investments in Commercial Projects.
In a statement to the Dubai Financial Market, where its stock trades, Shuaa Capital said Shine Investments in Commercial Projects was the seller of the shares to Alseddiqi and other investors.
Following the sale, Shine confirmed in a statement to the Dubai Financial Market that it no longer owns any shares in Shuaa.
Shuaa Capital merged with the Abu Dhabi Financial Group two years ago to create a business with both an asset management and investment banking platform to diversify its revenue streams.
Shuaa has assets of $14 billion under management, and led the funding round for music-streaming service Anghami late last year.
The company also plans to set up three special purpose acquisition companies, or SPACs, with capital of $200m each
