Dubai – Mubasher: Shuaa Capital on Sunday announced the approval of Jassim Alseddiqi’s resignation from the company’s board of directors at its general assembly meeting held last Thursday.
Moreover, the leading investment banking company approved the appointment of Fadel Alali as a board member, according to a statement to the Dubai Financial Market (DFM).
The company also endorsed the remuneration payable to the board for the fiscal year 2018.
Moreover, it has been agreed to appoint PricewaterhouseCoopers as Shuaa Capital's auditor for the 2019 remuneration fees of appointment.
The board’s strategic investor study on the benefits from the entry of Abu Dhabi Capital Management LLC as a strategic investor in Shuaa has been also approved, the statement added.
The company also revealed its shareholders have approved the proposed business combination with Abu Dhabi Financial Group (ADFG) at the company’s general meeting.
Shuaa decided to raise the company’s capital by AED 1.470 billion to AED 2.535 billion from 1.065 billion by issuing around 1.470 billion new shares to ADFG’s parent company Abu Dhabi Capital Management, the strategic Investor, in return for the whole issued share capital of ADFG.
The company also agreed to amend Article 6 of its articles of association, the statement indicated.
