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.

Related:

Market Performance

Oman International Development and Investment Company
0.472
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!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Finance talk with RAKBANK

Finance talk with RAKBANK

StartUp sat down with RAKBANK’s head of personal banking, Ian...

Tips from the top: Hisham Al Gurg

Tips from the top: Hisham Al Gurg

High profile investor and entrepreneur Hisham Al Gurg discusses...

1
The hubsters' ecosystem

The hubsters' ecosystem

Tamara Pupic visits Impact Hub Dubai, the first local branch...

Most Discussed