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Dubai-listed Shuaa Capital’s finance director has resigned prior to the appointment of a new CFO, expected to join after the issuance of the investment bank’s mandatory convertible bonds (MCB).
Adnan Nur, who joined the Dubai-based entity in 2022, resigned for personal reasons, Shuaa said.
Shuaa has undergone debt restructuring over the last year following spiralling losses in 2023. The process is expected to conclude with the issuance of its MCBs, due to be completed in March.
The MCB holders will see their investment convert into equity in the company post issuance.
The investment bank’s remaining significant shareholder, Direct Access Investment, reduced its share in the company by 2.6% in a block trade last week.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
