The Chief Operating Officer (COO) of Dubai-listed investment bank and asset manager Shuaa Capital has stepped down, while its top shareholder has sold 30 million of its shares.

Group COO Bechara Raad has resigned from his position for “personal reasons” and will serve his notice period with the firm, Shuaa said in a disclosure on the Dubai Financial Market (DFM) on Tuesday.

In a separate bourse filing, the company confirmed that its top shareholder Jassim Alseddiqi had sold 30 million of his shares through a special deal on Monday.

Alseddiqi, who resigned from his position as Shuaa’s managing director last month, now holds 9.0322% in the company’s share capital, down from a 29.9 percent stake last year.

Alseddiqi had said he was stepping down to pursue a “foray into the world of technology, research and academia”.

Last year, Shuaa completed a $100 million initial public offering of a special purpose acquisition company (SPAC) on the Nasdaq exchange in New York.

(Writing by Cleofe Maceda; editing by Seban Scaria)