Abu Dhabi’s Eshraq Investments to Buy Goldilocks in Stock Deal - Bloomberg
Eshraq Investments PJSC plans to buy a fund managed by Shuaa Capital in a stock deal, creating an entity with combined assets of $1 billion.
Abu Dhabi-based Eshraq said it will issue new stock to investors in Goldilocks Investment Co. for the transaction. The firm said shares will be issued at about a 38% premium to the stock’s closing price on Monday, without giving further details on the deal value.
“Eshraq is concentrated in real estate and Goldilocks has investments in energy, finance and insurance sectors so the combined entity will make an optimal portfolio to hedge against inflation,” said Jassim Alseddiqi, chairman of Eshraq and CEO of Shuaa Capital. “We are currently witnessing higher inflation which is expected to rise even more in the coming months and years.”
“We are very open to cross listing Eshraq in other exchanges starting with Saudi Arabia’s Tadawul,” he said.
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