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Dubai-based lender Mashreq has sold nearly 150 million shares in Nasdaq-listed Depa PLC for 44.86 million dirhams ($12.2 million).
The shares were originally transferred to Mashreq as part of a Dubai International Financial Centre Court judgment, in exchange for guarantees provided by the bank to the financially troubled builder Arabtec Holding.
The sale, at AED 0.30 per share, will generate a net profit of around AED16.6 milllion for the lender, a statement on DFM said Thursday.
The transaction was undertaken to monetise the shares of Depa PLC, the lender said. The sale proceeds was received on September 24, 2024.
(Reporting by Brinda Darasha; editing by Seban Scaria)
