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SHUAA Capital says no impact from Gulfinvest default

2010-04-05

Dubai, 5 April 2010 – SHUAA Capital expects no major financial impact resulting from the statement by Gulfinvest to the Kuwait Stock Exchange regarding its default on a AED 200 million loan to Abu Dhabi Commercial Bank. SHUAA had entered into a guarantee in respect of this loan in 2007, and confirms that it will fulfill its obligations as they become due. As part of SHUAA"s diligent risk management process, the Firm took prudent action and made a provision for the loan guarantee at the end of the year 2009. This information has been made available to the market in the financial statements which are available on SHUAA"s website. Since September last year, SHUAA"s new management has taken decisive steps to reduce risk exposures emanating from non-core businesses and expects no further material impact or downside risks arising from legacy issues of the Firm. SHUAA has a clear focus on maintaining and developing its leadership positions in its core fee generating businesses.


 

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