DUBAI: A Dubai sovereign wealth fund that’s the single-largest shareholder in the Nasdaq stock index plans to sell a third of its shares in the exchange, a deal potentially worth some $1.6 billion that saw the value of the firm fall in aftermarket trading on Wednesday.

The announcement from Borse Dubai, owned by the Investment Corp of Dubai, would make it the second-largest holder in the Nasdaq, a technology-heavy exchange that’s one of the three main indexes in the US.

“Today’s offering is being conducted to enhance the capital structure and liquidity within the Borse Dubai Group,” said Essa Kazim, chair and CEO of Borse Dubai, in a statement released after the Nasdaq closed on Tuesday. “We continue to be a longterm shareholder in Nasdaq and are invested in the success of the company.” Kazim did not say what exactly Borse Dubai planned to do with the money. Filings by the Nasdaq put the Borse Dubai sale at some 26.9 million shares. A separate statement suggested a sales price of $59 a share, putting a potential value of $1.6 billion on the deal. Borse Dubai will retain some 10.8 per cent of shares in the Nasdaq.

“Borse Dubai is and continues to be a valued shareholder of Nasdaq underpinned by a shared vision for our future,” Nasdaq CFO Sarah Youngwood said in the same statement.

“Borse Dubai’s insights and contributions have and will continue to shape our path ahead.”

The Nasdaq share prices fell 2.6 pc in aftermarket trading Wednesday to just over $60 a share.