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Jeddah - Yasmine El Tohamy - DUBAI: Dubai’s SHUAA Capital on Sunday announced it had completed a $1.13 billion ($308 million) debt buyout of Stanford Marine Group (SMG), an offshore services support firm for vessels in the oil and gas sector.
Negotiations on the deal began in 2019, according to a report by WAM, the UAE state news agency. The restructuring will strengthen SMG’s liquidity position and help to secure more than 1,800 jobs at the firm, which has annual exports of close to $20 million at its Grandweld shipyard’s facility in Dubai Maritime City.
Jassim Alseddiqi, CEO of SHUAA Capital, said: “We are proud to have achieved so much with this deal — from supporting banks to exit a distressed debt situation with a cash recovery, to retaining jobs for over 1,800 employees and sailors and sustaining their livelihoods, and finally ensuring continuity of SMG business and its contribution to the local economy.”
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