Finance House, a lender based in the United Arab Emirates, plans to acquire CAPM Investment PJSC, said Yasser Geissah, the chief executive officer of the unprofitable Abu Dhabi-based financial services company.
Finance House will pay close to a 10 percent premium over the company’s cash value, Geissah said in a phone interview today. CAPM’s Asayel Shares & Bonds Trading LLC was ranked 14th by value of securities traded among 66 brokerages on the Dubai Financial Market in August. Asayel is under a permanent cancellation process, according to the website of the Securities & Commodities Authority, the U.A.E. market regulator.
CAPM shareholders earlier this week decided to sell the four-year-old business, Geissah said on March 20.
Wissam Farran, group corporate communications manager at Finance House, declined to comment and calls to Asayel were unanswered.