Shuaa Capital's Finance Director Departure Amid Restructuring
Portfolio - People | Jan 14, 2025 | Zawya
Shuaa Capital, a Dubai-listed investment bank, has announced the resignation of its finance director, Adnan Nur, who joined in 2022. Nur resigned for personal reasons. The company is in the process of debt restructuring, which has been ongoing following significant losses in 2023. This process includes the issuance of mandatory convertible bonds (MCBs), which will be completed by March. These bonds will convert into equity upon issuance. Meanwhile, Shuaa's significant shareholder, Direct Access Investment, has reduced its stake by 2.6% through a block trade.
Sectors
- Finance and Investments
Geography
- United Arab Emirates – Shuaa Capital is based in Dubai, UAE, and the events described in the article, such as the resignation and debt restructuring, are taking place in this geographical context.
Industry
- Finance and Investments – The article is focused on Shuaa Capital, a company in the financial services sector dealing with investment banking, highlighting issues such as finance director changes, debt restructuring, and convertible bonds.
Financials
- 2.6% – The percentage by which Direct Access Investment reduced its shareholding in Shuaa Capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Shuaa Capital | Target company | Companies | A Dubai-listed investment bank undergoing internal changes and financial restructuring. |
| Adnan Nur | Outgoing Finance Director | People | Recently resigned finance director of Shuaa Capital, joined in 2022. |
| Direct Access Investment | Significant Shareholder | Companies | Previously held a larger stake in Shuaa Capital, reduced its share by 2.6% recently. |