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Daniel Stewart eyes Middle East and North African markets with new investment deal

Daniel Stewart eyes Middle East and North African markets with new investment deal

Investment bank Daniel Stewart Securities (AIM: DAN) said it had secured £2.3 million through an equity placement to Prime Holding (Prime Group) to boost its balance sheet and gain access to new markets.

Daniel Stewart has agreed to sell 110 million new ordinary shares at a price of 2.1p per share to Prime Group, giving the Cairo-headquartered Middle East focused investment bank a 26% stake in the company. The placing is contingent on due diligence by Prime Group and shareholder approval.

The deal is expected to help Daniel Stewart, which offers corporate advisory and stockbroking services to small and medium sized companies, establish footing in the Middle Eastern and North African markets and give it access to the Gulf Cooperation Council and significant pools of capital in the area.

“We are delighted to welcome such a strong and established regional player into the company and look forward to working together to further develop the brand and the investment banking franchise to small and medium size companies regionally,” said Chief Executive of Daniel Stewart Peter Shea.

The company signed an agreement to distribute its research into the United States via Sanders Morris Harris Group’s subsidiary back in March

Daniel Stewart added 4.3% in early trade on the London Stock Exchange following the announcement.

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