Shuaa Capital, which manages assets worth $ 14 billion, is considering offering two companies in its investment portfolio to the public offering, amid the popularity of public offering plans in the Dubai Financial Market, after the government announced a plan to offer 10 companies in the market.
Sources told Bloomberg that Shuaa had held talks with the Dubai Financial Market regarding the listing of Stanford Marine Group and NCM Investment Company.
The sources added that Shuaa targets the expected listing of the two companies early next year, as it is holding talks with investment banks to manage the order book in the offering.
The sources revealed that the combined value of the two companies is two billion UAE dirhams ($545 million).
This comes as the Dubai government said earlier this month that it wants to sell shares in the Dubai Electricity and Water Authority “DEWA” as the first offering out of 10 government entities to be offered for public subscription. The government is also encouraging private and family businesses to do the same. IT company StarLink has pledged to go public early next year.
Dubai-based Shuaa declined to comment on this news.
Stanford Marine Group, or SMG, operates a fleet of offshore supply vessels for the oil and gas industry and owns Grandweld, a shipyard that serves offshore customers, according to its website. Shuaa restructured the company early this year by completing a debt purchase deal worth 1.13 billion dirhams.
NCM Investment operates as an online trading platform based in Kuwait and is expanding in South and East Asia. It is a subsidiary of Kuwait-listed Amwal International Investment Company, and owned by Shuaa.