Dubai – An United Arab Emirates-based brokerage house, Al Ramz Capital is planning a reverse takeover with its acquisition of 82.4 percent of Dubai Development Company (DDC), according to the three sources.

Al Ramz’s managing director Mohammad al Mortada Al Dandashi told UAE newspaper The National in 2014 that it planned to convert to a fully-fledged investment bank through an IPO.

Read more about the news @ Reuters.