Wednesday 27, June 2018 by Kudakwashe

UAE stocks move after firms disclose exposure to embattled firm Abraaj

 

Securities and Commodities Authority had asked UAE-listed companies to declare their exposure to Abraaj

  

Dubai based Union Properties rose in early trade after it announced the company and its unit does not have any exposure to embattled private equity firm Abraaj, which filed for provisional liquidation earlier this month, Reuters reported.

Air Arabia was down 0.7 per cent, bringing its total losses to 5.3 per cent for the week in the wake of disclosing it had a $336 million overall exposure to Abraaj.

In Abu Dhabi, Dana Gas declined 2.9 per cent after the energy explorer said on Wednesday it holds $6 million in a fund managed by an affiliate of Abraaj Investment Management Limited, the investment management arm of Abraaj.

Dubai’s Emaar Properties rose in early trade on Wednesday, providing support for a rebound on the emirate’s main equity index.

Emaar was up one per cent, while the Dubai Financial General Index was up 0.4 per cent, reversing losses made on Tuesday, reported Reuters.

Last week, a court in the Cayman Islands, where Abraaj is incorporated, appointed provisional liquidators for Abraaj Holdings and AIML as the firm tries to restructure its debt.

Abraaj has been bruised by a dispute with some of its investors over the use of their money in a $1 billion healthcare fund. The group has denied it misused the funds.

 

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