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SHUAA Capital Plans to Raise $68 Million Through Bond Market Amid Debt Restructuring

shuaa capital


SHUAA Capital, an investment bank and asset manager, is seeking to raise AED 250 million ($68 million) in the bond market to fulfill senior lender obligations and settle unsecured bonds as part of its ongoing restructuring, according to Zawya.

According to sources, the Dubai-listed entity has reached out to investors and high-net-worth individuals in both Abu Dhabi and Dubai to issue mandatory convertible bonds.

In April, SHUAA Capital reached an agreement with noteholders regarding the maturity of a $150 million bond. On May 1, it settled over AED 500 million in margin facilities with multiple UAE banks.

Insiders revealed that SHUAA is targeting a shortlist of qualified investors and aims to unveil a new corporate strategy while expanding its shareholder base. Last year, the company requested a five-month extension from bondholders following the departure of its largest individual shareholder, Jassim Alseddiqi. Agreement was eventually reached after the new repayment deadline in April.

Over the past year, SHUAA has witnessed a series of notable resignations, including former Chairman Fadhel Al Ali, who stepped down last month after almost five years in the role.

After its general assembly in April, SHUAA announced a revamped board with two new members, a new chairman, and a new managing director.

A LinkedIn post on Saturday revealed that Mazen Farah, with prior experience at HSBC, Abu Dhabi Commercial Bank, and Jefferies International and ICAP in London, has also been appointed as SHUAA’s new head of capital markets.

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