Ominvest CEO and board member resign

Shares traded lower after Shariq Azhar's departure, who spent four years at helm
By Reuters
Tue 11 Dec 2012 02:00 PM

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.

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