Al Salam Bank exits its 15.6% shareholding in Seef Properties
In a filing with Dubai Financial Market (DFM), where it is listed, Al Salam Bank said the exit forms 'part of a broader group optimisation strategy designed to expand and reinforce focus on core banking operations and its holdings in banking, takaful, and asset management'.
Launched earlier this year with a starting AUM (assets under management) of US$4.5 billion, ASB Capital, the group's asset management arm, was appointed as sell-side advisor and mandated to assist in sourcing, structuring, and executing the exit of its significant minority stake in Seef Properties.
Rafik Nayed, Group Chief Executive Officer of Al Salam Bank and Managing Director of ASB Capital, commented: 'This transaction represents our continued commitment to exit non-strategic holdings as part of a group-wide optimisation initiative. Aligned with our strategy, we are reallocating capital and focussing towards growing core banking operations and expanding our strategic holdings in banking, takaful, and asset management – sectors that offer long-term value and operational synergies within the context of the group.
'ASB Capital's role in facilitating the transaction underscores the strength of our expertise and execution capabilities in transaction advisory and capital markets. Backed by a strong pipeline from both local and regional institutional clients spanning private equity, syndications, capital instruments, and advisory services, ASB Capital is well-positioned to build on the growing momentum in regional deal activity.'
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