Shuaa Capital board member, head of private markets resign

Shuaa Capital board member, head of private markets resign

SHUAA Capital PSC has seen the resignation of its head of private markets and a veteran banker board member in a week when its share price fell to historic lows.

The investment bank announced late Thursday that board member Andre Sayegh, who is also chairman of Abu Dhabi-listed Multiply Group and former CEO of the UAE’s largest lender FAB, had resigned for personal reasons.

The resignation of head of private markets Ajit Joshi was announced Wednesday, also for personal reasons, as Shuaa’s share price dipped below AED 0.13 ($0.035) according to LSEG data.

Joshi will remain in post for one month to ensure continuity of business, Shuaa said in a statement to Dubai Financial Market (DFM).

The stock went into freefall this week, hitting the 10% fluctuation limit, falling lower than its April 2020 price when stock markets around the world were choked by the COVID-19 pandemic.

The resignations come as Shuaa has in the midst of restructuring under former Credit Suisse banker Wafik Ben Mansour, who was appointed CEO in November, with the deadline for an extended $150 million bond repayment due to refinancing at the end of this month.