DUBAI, (Reuters) – Dubai-based investment bank Shuaa Capital said its shareholders will meet on Wednesday to decide whether the company would continue operations or be dissolved.
Shuaa, Dubai’s biggest invesstment bank, posted a fourth-quarter loss of 577.4 million dirhams ($157 million).
At an extraordinary general meeting, the firm’s shareholders will make a “statutory decision to continue or dissolve the company pursuant to Article 35 of the UAE Commercial Companies Law,” Shuaa said in a statement on the Dubai bourse website on Monday.
Shuaa Securities Chief Executive Mohammed Ali Yasin was quoted by daily Emirates Business as saying 60 percent of the company’s shareholders had already lent support for Shuaa to continue operations.
Shareholders will also decide whether to give the board authorisation to amend the terms of 1.5 billion dirham ($408.4 million) of convertible notes, including possibly amending the maturity date and conversion rate, the bank said.
Former boomtown Dubai, where the stock market fell 72 percent last year, is struggling with a sharp real estate price correction.
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