Dubai-listed Shuaa Capital's top shareholder to sell stake, steps down as MD

DUBAI, Aug 14 (Reuters) - Dubai-listed investment bank and asset manager Shuaa Capital's top shareholder Jassim Alseddiqi is stepping down as managing director and selling his nearly 30% stake, he said on Monday.

Shuaa last year completed a $100 million initial public offering of a special purpose acquisition company (SPAC) on New York's Nasdaq exchange.

Alseddiqi is leaving Shuaa to pursue "a foray into the world of technology, research, and academia," he said in a LinkedIn post.

"In line with this transition and my evolving direction and endeavours, I've decided to reposition my stake in SHUAA Capital, paving the way for new shareholders."

Alseddiqi owned 29.99% of Shuaa at the end of 2022, according to the company's annual report. Direct Access Investment owned 27.3% and Al Baher Real Estate Development owned 8.32%, with no other shareholders owning more than 5% at the end of last year.

Bloomberg News reported on Monday, citing unnamed people familiar with the matter, that Shuaa shareholders that collectively own more than 50%, including Alseddiqi, are looking to sell down their stakes and are in talks with potential advisers.

They would prefer to sell to a single strategic buyer or consortium but might decide not to sell or only sell part of their holdings, Bloomberg said.

Shuaa did not immediately respond to a request for comment.

Founded in 1979, Shuaa has led several big transactions in the Middle East, including as one of four banks on now-delisted Dubai state-owned port operator DP World's $5 billion initial public offering in 2007, the region's largest IPO at the time. (Reporting by Yousef Saba; editing by Barbara Lewis)