Middle East's biggest plane-leasing firm Dubai Aerospace Enterprise (DAE) has repurchased the approximately 4% of its common shares owned by Emaar Properties, the company announced.
Following the acquisition, DAE is now 100% owned - directly and indirectly - by Dubai's investment arm, Investment Corporation of Dubai (ICD).
DAE said the transaction is expected to have no impact on the capital adequacy ratios of the company.
“Emaar was part of the initial investor group along with ICD when DAE was incorporated in 2006," said Khalifa H. AlDaboos, deputy CEO of Investment Corporation of Dubai. "We value the support they have provided over the years to grow DAE into the strong market leader it is today,” he added.
Firoz Tarapore, CEO of DAE said: “DAE’s capital position has gone from strength to strength over the years and we are delighted to be able to complete this transaction in the second quarter without any impact on our capital adequacy and liquidity metrics.”
Source: Arabian Business