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29 Mar 2022

Eshraq Investments Set to Purchase Goldilocks as part of Stock Settlement

The Index Today

Abu Dhabi’s Eshraq Investments PJSC has announced its plans to buy the Shuaa Capital-managed Goldilocks Investment Co. as part of a stock contract which could result in a joint asset valuation of $1 trillion.

According to Bloomberg News, the Abu Dhabi-based company revealed that it will offer new stocks to Goldilocks’ investors at an approximate premium of 38% with respect to its closing price as of Monday.

The CEO of Shuaa Capital and Chairman of Eshraq, Jassim Alseddiqi revealed, “Eshraq is concentrated in real estate and Goldilocks has investments in energy, finance and insurance sectors so the combined entity will make an optimal portfolio to hedge against inflation.” He added, “We are currently witnessing higher inflation which is expected to rise even more in the coming months and years.”

Bloomberg News reported that the new development is expected to yield a return of over $30.2 million annually with the joint enterprise having a 10% stake in Sharjah’s Dana Gas.

©Photo: Eshraq Investments PJSC | LinkedIn

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