Al Qudra replaces chairman and six board members

Abu Dhabi: Al Qudra Holding, which in March dropped plans to sell shares in what would have been the UAE's second-largest IPO, replaced its chairman and six board members, it said on Tuesday.

The company appointed a new chairman, replacing Salah Al Shamsi who had already handed over day-to-day operations to a new chief executive appointed in March.

The changes took place at Al Qudra's shareholder meeting on Monday, it said in a statement.

Chief executive Mahmoud Ebrahim Al Mahmoud, who joined just as Al Qudra was preparing to raise about $1 billion in the IPO, told a local newspaper on Tuesday that Al Shamsi's departure "has nothing to do with performance".

Earlier this month, Al Qudra said its CEO was running the day-to-day operations of the company while the chairman was overseeing strategy.

Al Shamsi told the newspaper he had not put his name forward for re-election and would continue to be a shareholder.

Al Qudra, which has 30 units in industries including real estate and infrastructure, said on February 23 it planned to offer 55 per cent of the company in the first week of March, initially looking to raise Dh3.7 billion.