Shuaa Capital has reshuffled its top management as the Dubai-listed company focuses attention on asset management and investment banking operations as it merges with its largest shareholder.
The company appointed Jassim Alseddiqi as chief executive, while Mustafa Kheriba will take charge as the deputy chief executive and head of asset management investment solutions, Shuaa said in a statement to the Dubai Financial Market, where its shares trade.
Bechara Raad was appointed chief operating officer, Joachim Mueller is taking over as chief financial officer, while Fawad Tariq Khan will be the head of investment banking, Shuaa said.
The company said in June it was merging with its largest shareholder, Abu Dhabi Financial Group (ADFG). The deal, effectively a reverse takeover of Shuaa by ADFG, was approved by shareholders in July. The company also voted to change its name to ADFG at a board meeting last month.
The merger creates a group with $12.8 billion (Dh47bn) of assets under management, of which $11.5bn was previously managed by ADFG. The shareholders of ADFG received 58 per cent of the shares in the combined entity, with Shuaa stakeholders receiving the remaining 42 per cent.
Shuaa will "open the door for candidacy of two board members for the period ending March 2021" as it increases the number of board members to seven from five, it said on Tuesday. The company plans to convene another shareholders' meeting but did not give a date.
The company also said last month that it is selling its securities brokerage and market-making businesses to International Holdings Company as it exits non-core operations.
Shuaa has signed an agreement for the sale with IHC RSC, a subsidiary of International Holdings. Under the terms of the all-cash deal, IHC, an Abu Dhabi-listed investment holding company, will acquire the operations of both businesses, which currently function as stand-alone entities within Shuaa's portfolio. The company did not disclose the value of the deal.
