Dubai-listed Shuaa Capital PSC’s Group CEO, Fawad Tariq Khan, will step down after nearly 18 months in the role and will be replaced as acting CEO by the current head of investment banking, Wafik Ben Mansour, people familiar with the matter told Zawya.

Ben Mansour, who was previously Managing Director of Credit Suisse in Dubai, joined Shuaa as MD, head of investment banking in May 2023, and is expected to start as acting CEO of Shuaa on Monday, the source told Zawya.

Tariq Khan is expected to stay on in an advisory role for six months and is said to be “committed to the transition”. His replacement has also been reported on Debtwire and Bloomberg. 

Zawya understands that the leadership change is part of a planned strategy, intended to be announced within the coming days.

The entity also announced on Tuesday the liquidation of its Nasdaq-listed $100 million special purpose acquisition company (SPAC), Shuaa Partners Acquisition Corp SHUAU, saying it had decided not to proceed further with finding a target entity due to current market conditions.  

The source said no investors had lost money in the liquidation, with capital being returned to investors with interest.

Shuaa faced down-to-the-wire negotiations with note holders to extend its $150 million bond last month, after largest individual shareholder, Jassim Alseddiqiexited and resigned as managing director earlier this year.

A rights issue and capital increase are being planned subject to shareholder and regulatory approval, according to bourse filings. 

(Reporting by Imogen Lillywhite; editing by Seban Scaria)