Dubai-based contracting company Drake & Scull International (DSI) PJSC on Sunday announced the resignation of its chairman Majid Saif Al Ghurair, citing personal reasons.

In a statement posted on the Dubai Financial Market (DFM), the company said it will elect a new chairman at an upcoming board of directors meeting.

In another statement on the bourse, the company said the next board meeting will be held on September 9, when it will elect both a new chairman and vice chairman.

The resignation of Al Ghurair comes a month after the company terminated the services of Wael Allan, who took over the CEO role in October 2016.

In an interview with Thomson Reuters Projects last month, following his termination, Allan said that despite a "very challenging and a tough road to recovery...I feel very triumphant that the team I put in place managed to keep the company stable until such time I managed to get the capital reduction done and secure the equity from Tabarak Investment".

In a press statement last month, DSI said its capital restructuring plan is on track and that it expects the capital reduction process to complete by the end of the third quarter of 2017, following which Tabarak will subscribe to 500 million UAE dirhams worth of new shares, making it a majority shareholder in the company.

© Zawya 2017