ADX-listed Eshraq Investments PJSC will restructure its board following the resignation of three members, including the vice chairman, this week.
The company announced the resignations of Jasim Al Ali on Tuesday, for personal reasons; Fraih Al Qubaisi on Wednesday, by shareholder request; and Saleh Alhashemi, who is listed on the Eshraq website as the vice chairman of the board, for personal reasons as well and to make room for new board members.
The four remaining members of the board, which is chaired by Jassim Alseddiqi, signed a resolution to hold a general assembly to discuss and vote on reducing the number of members, restructuring the board, and open elections for new members, Eshraq said in a statement to Abu Dhabi Securities Exchange (ADX).
The company announced a new strategy post its acquisition of the Goldilocks Fund from Dubai-listed Shuaa Capital last summer, including a shareholder decision to contribute financial assets to the fund in an ‘in-kind subscription’, and a three-year monetisation programme under which it would sell its land bank.
The company recently sold the Dubai-based Nuran Marina Hotel, for AED 133 million ($36.2 million).
Current Eshraq chair Alseddiqi stepped down from his role of managing director of Shuaa Capital and announced he was reducing his stake in the investment bank last month.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)