Latest news with #ADGM-based
Zawya
06-05-2025
- Business
- Zawya
Former Shuaa Capital CEO joins Fasanara Capital to drive Middle East expansion
The former CEO of Dubai-listed Shuaa Capital has been appointed Middle East head of London-headquartered alternative investment manager Fasanara Capital as it seeks regional expansion. Fasanara, which registered an ADGM-based entity in March, and has $4.5 billion in fintech-focused assets under management, has recruited Fawad Tariq-Khan as its managing director, Middle East, based in Abu Dhabi. Tariq-Khan was Group CEO of Shuaa Capital, before leaving in 2024 and launching his own venture, Exnite, investing in Irish investment firm Quintas Capital, as well as founding AI company AgentPlex with a former Shuaa colleague. Fasanara CEO Francesco Filia said Tariq-Khan will help to drive Middle East expansion. The firm, which manages fintech-focused investment strategies on behalf of European and North American pension funds, has already carried out its first regional investment - a $60 million securitisation debt facility to Saudi crowdlending platform Forus. (Reporting by Imogen Lillywhite; editing by Daniel Luiz)
Zawya
17-04-2025
- Business
- Zawya
Neovision takes over management of ADGM-based Residential REIT
ADGM-based Neovision Wealth Management has taken over the management of The Residential REIT from Equitativa (AD) The REIT was launched nine years ago and was the first in the UAE to focus on residential assets, owning and running high-end properties in Abu Dhabi and Dubai. As of earlier this month, it is managed by Neovision, a funds as a service provider, or management company, to asset managers, serving GCC family offices, institutions and professional and retail investors. Equitativa Dubai still manages commercial and office-focused Emirates REIT through its Dubai office. The Residential REIT is structured for professional and institutional investors, incorporated and regulated in ADGM. While Emirates REIT is Nasdaq Dubai-listed, The Residential REIT is privately held by GCC sovereign subsidiaries in the UAE and Saudi Arabia. Abu Dhabi Islamic Bank (ADIB) is also a shareholder, but said it was unable to comment on the reasons for the change in manager at this time. Neovision was co-founded in 2022 by CEO Dr Ryan Lemand. The company functions as a management company (ManCo), and previously established a $250 million certified carbon credit fund, and also launched and manages tokenised fund Realize T-Bills to buy BlackRock iShares and State Street SDPR. Equitativa has not disclosed the reason behind the management change, but said in a statement to Zawya it had started an extensive divestment from the Residential REIT in 2022 as UAE residential asset prices had increased, selling more than 400 residential units at a significant premium to the book value, reducing the debt level from a peak of 54% to 34% in 2024. The statement said Equitativa (AD) Limited is in the process of transferring the fund with the remaining units and is no longer managing the Residential REIT.
Zawya
14-04-2025
- Business
- Zawya
Virtual assets platform Hayvn, related entities fined $12.4mln in Abu Dhabi ADGM crackdown
Abu Dhabi financial free zone regulators have imposed a total fine of $12 million on Hayvn Group, related entities and its former CEO for regulatory breaches. Fines totalling $8.85 million have been levied by Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA), while ADGM's Registration Authority (RA) has imposed fines of $3.6 million, the financial free zone said in separate statements on Monday. The former CEO Christopher Flinos has also been barred indefinitely from transacting business in ADGM. The actions of the entities and individuals involved were particularly serious, as they conducted unauthorised Virtual Asset activities through an unregulated entity based in ADGM, the statement said. Details of the fines imposed by FSRA, totalling $8.85 million: -$3.6 million against AC Holding Ltd. registered in the Cayman Islands, the parent company of a group of entities operating under the name 'Hayvn'. The entity that provided financial services related to virtual assets -$3 million against AC Limited (Hayvn), an ADGM-based subsidiary of Hayvn Cayman. It was licensed and regulated by the FSRA to conduct specific financial services activities in virtual assets -$1.5 million against AC Holding Limited, a special purpose vehicle registered with the Registration Authority of ADGM. It was not licensed by the FSRA to carry out any form of financial services activity in ADGM -$750,000 against Flinos, the former senior executive officer of Hayvn ADGM, CEO of Hayvn Cayman, sole owner and director of AC Holding Details of the fines imposed by RA, totalling $3.61 million: -$15,000 against AC Holding for exceeding the scope of its license in contravention of ADGM Commercial Licensing Regulations 2015 - $300,000 against AC Holding for filing false annual accounts about its balances with the RA and various fraudulent schemes in contravention of the ADGM Companies Regulations 2020 - $3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations 2020. (Writing by Brinda Darasha; editing by Seban Scaria)
Arabian Business
14-04-2025
- Business
- Arabian Business
ADGM RA fines Christopher Flinos, AC Holding for cryptocurrency conversion violations
The Registration Authority (RA) of the Abu Dhabi Global Market (ADGM) has concluded its investigation into Special Purpose Vehicle (SPV) AC Holding Limited (AC Holding) and its sole shareholder and director, Christopher Flinos. The investigation uncovered significant violations of the financial centre's regulations by AC Holding and Flinos. According to the RA, AC Holding exceeded the scope of its commercial license by acting as an investment company and offering financial services to clients. ADGM registration authority concludes investigation into AC Holding and Director Christopher Flinos The company was also involved in processing wire transactions to convert cryptocurrencies into fiat currencies and vice versa, which is outside the scope of its authorised activities. Additionally, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to 2022. Christopher Flinos was found to have engaged in fraudulent trading. He facilitated unlicensed cryptocurrency conversion transactions, misleading various parties about the nature of the transactions. Flinos also facilitated the falsification and provision of hundreds of company documents to maintain bank accounts fraudulently. As a result of these violations, the RA has imposed a total of $3,615,000 in financial penalties. These include: A fine of $15,000 against AC Holding for exceeding the scope of its license under the ADGM Commercial Licensing Regulations 2015. A fine of $300,000 against AC Holding for filing false annual accounts and engaging in fraudulent schemes in violation of the ADGM Companies Regulations 2020. A fine of $3.3 million against Christopher Flinos for providing false information to the RA, engaging in fraudulent activities, and falsifying company documents, also in contravention of the ADGM Companies Regulations 2020. In addition to the financial penalties, Christopher Flinos has been disqualified from holding the position of director in any ADGM-based company for the maximum allowed period of 15 years. The RA has deemed Flinos unfit to serve as a company director due to his deliberate misuse of AC Holding's SPV commercial license as a payment facilitator and his involvement in fraudulent activities. 'Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority's objectives. We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM,' Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said.
Al Etihad
13-03-2025
- Business
- Al Etihad
TC MENA Holdings launches bid to acquire full ownership of Gulf Cement Company
13 Mar 2025 13:56 A. SREENIVASA REDDY (ABU DHABI)TC MENA Holdings, an ADGM-based entity, has officially declared its intention to acquire 100% stake in Gulf Cement Company (GCC), a publicly listed entity on the Abu Dhabi Securities Exchange (ADX). The announcement was made on Thursday in a stock market disclosure, prompting a suspension of trading in GCC TC MENA Holdings holds a 37.58% stake in GCC. In its bid for complete ownership, the company has extended a mandatory cash offer to purchase all remaining shares at Dh0.56 per share. This offer price represents a premium over the recent market valuation and has been set in accordance with Article 6 of the UAE Securities and Commodities Authority (SCA) Chairman Resolution No. (18/RM) of 2017, which governs mergers and acquisitions of public joint stock companies, the stock market statement said. The success of the acquisition hinges on TC MENA securing a minimum ownership of 50% plus one share, when combined with its existing shareholding, through voluntary acceptance. The offer period is scheduled to commence on March 14, 2025, and will remain open until April 10, Cement Company, established on May 31, 1977, is a major cement manufacturer in the region. It was founded through a decree issued by the Ruler of Ras Al Khaimah. The company operates from its strategically located production facility near Saqr Port in RAK, enabling efficient distribution to markets across the Middle East, Asia, and Africa. Gulf Cement's product line includes essential construction materials such as sulphate-resistant cement and ordinary Portland Cement Company became publicly listed on the ADX on February 26, 2002. It currently has an issued and paid-up share capital of Dh410,548,410, divided into 410,548,410 ordinary shares, each with a nominal value of total value of the acquisition offer is estimated at Dh143,546,359.04. The transaction will be fully financed through TC MENA Holdings' available financial resources, the documents submitted to the ADX said. TC MENA Holdings is a private company incorporated in the ADGM. Its ownership structure consists of a 90% stake held by Buzzi S.p.A, a publicly listed Italian company, and a 10% stake held by Diarkis Holdings Ltd, which is fully owned by Jose Bernardo Sena successful completion of the transaction, TC MENA Holdings has stated that it intends to maintain Gulf Cement Company's commercial registration and trade name. Shareholders who wish to participate must submit completed acceptance and transfer forms by the deadline. Emirates NBD Bank PJSC has been appointed as the receiving agent, and Emirates NBD Capital PSC is serving as the financial advisor and lead manager for the transaction. Following the close of the offer, results regarding acceptance levels will be announced on April 11, 2025. If the necessary conditions are met, the transaction is expected to be finalised and declared unconditional by April 21, 2025, with payments to accepting shareholders being settled around April 24, 2025.
