Eshraq Investments has announced an update regarding the valuation of NCM Investment and its proposed recapitalisation, following a decline in the asset’s value reflected in the latest valuation of the Goldilocks Fund.
In a disclosure to the Abu Dhabi Securities Exchange dated October 9, 2026, Eshraq stated that it had received an updated valuation of the Goldilocks Fund, which reflected a reduction in the value of NCM Investment, one of the assets managed by the fund’s manager.
Following the updated valuation, Eshraq conducted a comprehensive assessment of NCM Investment, including an independent valuation prepared by an external adviser.
The assessment concluded that NCM Investment’s underlying business requires recapitalisation to strengthen its financial position.
Eshraq had previously announced on May 13, 2026, an offer to invest up to USD 20 million in NCM Investment.
The company is now working towards completing the recapitalisation process before December 31, 2026. If completed under the final agreed terms, the transaction is expected to result in Eshraq acquiring a controlling interest in NCM Investment.
Eshraq also disclosed that the financial impact of the updated valuation is currently being determined and will be reviewed by its external auditor.
The company expects to recognise the full financial impact in its third-quarter 2026 financial statements.
Based on current valuations, Eshraq anticipates that the negative impact associated with NCM Investment will be fully offset by an increase in the fair value of other financial assets classified at fair value through profit or loss.
However, the final financial impact remains subject to the completion of the company’s quarter-end closing and review procedures.
Eshraq stated that it will continue updating shareholders on any material developments related to the recapitalisation process in accordance with applicable disclosure requirements.
Source: Eshraq Investments
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
