Ominvest CEO and board member resign

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Oman International Development and Investment (Ominvest) said on Tuesday its CEO Shariq Azhar and a board member had resigned, with shares trading lower after the news.

Azhar took on the role in August 2008. The Omani firm said its deputy chairman will assume Azhar's role until a successor is found. It did not provide further details.

Shares were trading 1.4 percent lower on the Muscat bourse at 0800 GMT.

"The resignation of the CEO was not something that was expected, and there is no clarity on the reasons that led to his resignation," said an Oman analyst who declined to be identified, adding Azhar's departure came at a crucial time.

"The company is trying to partially divest its stake in Oman Arab Bank, but the same has been on hold. Finding the proper means of funding and project finalisation for its mega real estate project in Salalah are also major milestones to be completed in the near future."

In a separate statement, Ominvest said board member Ziyad al-Zubair has also resigned and the board had appointed a temporary member, Ceruseri Srinivasan Badrinath, to represent shareholder Al Hilal Investment Company.

Ominvest's banking arm, Oman Arab Bank, has been expected to launch an initial public offering which would see Ominvest offload a significant portion of its stake.


Market Performance

Oman International Development and Investment Company
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Bahrain's Islamic finesse

Bahrain's Islamic finesse

Islamic finance assets are worth around $2bn globally, according...

Big new-issue premium for Bahrain bond is ill omen for Gulf

Big new-issue premium for Bahrain bond is ill omen for Gulf

Signals grow that Gulf borrowers will have to pay a lot more...

Beating state debt addiction proves hard for UAE banks

Beating state debt addiction proves hard for UAE banks

Banks' exposure to the public sector as a percentage of capital...

Most Discussed