SHUAA Capital has said its shares stopped trading on the Kuwait Stock Exchange on 1 January, in line with a shareholder decision made in June 2008.
The investment bank, which has a number of private equity and real estate funds, had been listed on both the Kuwait and Dubai exchanges. It listed in Kuwait in 1984 and in Dubai in 2000.
The de-listing in Kuwait was in response to regulatory conflicts for dual-listed companies, the firm said. SHUAA will now offer all GCC investors the ability to trade SHUAA's shares in Dubai on the same terms as Dubai-domiciled investors.
The de-listing is anticipated to boost SHUAA’s liquidity and trading volume on the Dubai Financial Market, Oliver Schutzmann, SHUAA’s investor relations head, said in a statement.
SHUAA added that Kuwait remains an important market for the firm and that it is in the process of establishing a new subsidiary there.
Last month SHUAA said it cut 9 percent of its Dubai workforce, or 21 back- and mid-office positions, as it looks to to reduce “overcapacity” in light of global financial turmoil.
Its private equity arm, SHUAA Partners, closed its debut fund on $200 million in 2005. In August 2008, SHUAA Capital held a $240 million first close on a $534 million Saudi hospitality fund billed as ‘the first private equity fund domiciled in the Kingdom'”.
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