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Finance House to Buy CAPM Investment, CAPM CEO Says

March 22 (Bloomberg) -- 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.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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