Dubai-listed Depa restructures board

Last year, the interiors company confirmed $22 million exposure to construction firm Arabtec, which is undergoing liquidation

  
An investor walks through the Dubai Financial Market in Dubai, United Arab Emirates, January 8, 2020.

An investor walks through the Dubai Financial Market in Dubai, United Arab Emirates, January 8, 2020.

REUTERS/Christopher Pike

Three board members of the board of Dubai-listed interior contracting company Depa have resigned amid cost saving measures, the company said in a statement to NASDAQ Dubai.

The resigned non-executive director board members include Mohamed Al Mehairi, who was elected chairman in 2017 as well as Saeed Al Mehairbi and Gerard Hutchinson. Abdulla Al Muzrui has been elected as the new chairman, the company said.

Depa announced that it had $22 million exposure to Arabtec, which commenced insolvency proceedings last year.  

“The changes to the group’s board track the cost saving measures taken by the business globally to date, and its plans to continue to take cost out of the business,” Al Mehairi said. 

“The group is seeking to make is businesses leaner and more agile, and this change to the board size and composition complements this,”he added.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

(imogen.lillywhite@refinitiv.com)

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