Temasek, Mubadala among shareholders planning to sell stake in UAE’s Dunia

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Singapore state fund Temasek Holdings and Abu Dhabi fund Mubadala Development Co. are among the shareholders looking to sell their stakes in U.A.E. consumer finance company Dunia, two media reports said.

Bloomberg which first reported the development citing sources, said Dunia’s shareholders, which also include ‘Abu Dhabi-listed Waha Capital PJSC and family-owned Arenco Group, were seeking to hire a financial adviser for the sale shortly’, and the report also added that a ‘full sale of the consumer finance company may fetch about US$500 million’. But the same report also said that formal process (for the sale) was yet to begin’.

Dunia, that is is run by former Citigroup banker Rajeev Kakar, who is also regional CEO of the Central Eastern Europe, Middle East and Africa region for Fullerton Financial, may also attract a bidding war from banks seeking to tap high-yielding individual customers, and another report quoting analysts said that the possibilities include ‘one shareholder buying out the others, or the company being sold or even sold to the public in an initial public offering’.

While Mubadala has a 31 per cent holding in Dunia, and Temasek through its wholly owned subsidiary Fullerton Financial Holdings owns about 40 per cent, and jointly these two funds have a controlling stake.

The consumer finance company that was launched in 2008 has about 164,000 customers, and it had registered a net profit of Dh201 million in 2014.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.