Shuaa Capital has run the rule over at least two Egyptian brokerage companies it considers potential acquisition candidates, as the investment bank seeks to boost revenue amid a slump in its local UAE market, three sources said on Wednesday.
Shuaa, which took companies such as ports operator DP World to market, has looked at HC Securities and Beltone Financial, said two of the sources speaking on condition of anonymity.
"They (Shuaa) do have some cash on their balance sheet from previous asset disposals, and revenue-generating capabilities in the UAE are limited," said one of the sources.
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