Jasem Al Seddiqi
Jasem Al Seddiqi Image Credit: Supplied

DUBAI: SHUAA said on Monday its potential transaction on a merger with Abu Dhabi Financial Group (ADFG) is progressing thorugh its final stages before getting the regulatory and shareholders approval.

SHUAA said in a bourse statement it is envisaged that Jasem Al Seddiqi will hold the role of the group chief executive officer in the combined entity.

The statement also said that Al Seddiqi has resigned from the board of SHUAA. Fadhel Al Ali, who serves on the board of ADFG, the company’s largest shareholder, has been appointed to replace him. SHUAA shares closed 1 per cent lower at Dh0.93 in a firm Dubai market.