#AbuDhabi’s Eshraq completes Goldilocks acquisition, says assets now exceed $1.34bln

Abu Dhabi’s Eshraq completes Goldilocks acquisition, says assets now exceed $1.34bln

Abu Dhabi-listed Eshraq Investments has completed its acquisition of 99.25% of the Shuaa Capital-managed Goldilocks Fund, while also announcing an exit and two acquisitions by the newly acquired fund.

The company said after both a capital decrease and issuing new shares, the new issued capital of Eshraq is AED 2.82 billion ($768 million) and its assets exceed AED 3.8 billion ($1.34 billion), with the book value expected to be AED 0.92-0.96 per share.

In a statement about the acquisition of Goldilocks, which was first announced in March, Eshraq said it had completed a capital decrease to absorb accumulated losses, reducing capital from AED 2.325 billion to AED 1.435 billion.

It then issued 1,385,073,097 new shares at a nominal value of AED 1 and registered them in the name of the New Shareholders in exchange for their share in the holding, pursuant to the agreed share of the acquisition, the statement said.