Dubai: Dubai International Capital (DIC), the private equity arm of Dubai Holding, said Sunday that the company's board was dissolved in January to implement a new governance structure. The company is now under the supervision of its parent Dubai Holding.
The statement from the DIC follows a story in London's Sunday Times that Sameer Al Ansari had resigned from DIC as its non-executive chairman.
"Dubai International Capital confirms that its board was dissolved in January 2010 by its parent company, Dubai Holding, in order to implement a new governance structure. DIC is currently under the direct supervision of Dubai Holding.
"All sub-committees of the DIC board including investment and audit committees remain in place," the company said in a statement yesterday.
However, the statement did not specify Ansari's departure from his role. He helped to set up DIC in 2004 and took on the role of executive chairman and chief executive, and spearheaded its international expansion.
Under his leadership, DIC acquired stakes in a number of global firms. Ansari is currently the chief executive of Dubai-based investment bank Shuaa Capital.
Some of the assets in DIC's portfolio included stakes in Almatis, a German aluminium company, Merlin Entertainments Group, Travelodge, Doncasters, Alliance Medical and Mauser in Germany.
DIC has an estimated $2.6 billion (Dh9.5 billion) of debt maturing next year. Last month the company sought extension of $1.25 billion worth debt for three months.
"The extension period would allow the implementation of a consensual longer-term plan that would enable DIC to maximise the value of its business for the benefit of all its stakeholders," the company said on May 27.
Maturity rollovers
Bankers familiar with the company said yesterday that it may not require debt restructuring though some of the debts will require maturity rollovers.
Analysts said that banks are likely to extend loan maturities and wait until prices rebound. Holding Commercial Operations Group (DHCOG), the parent's main unit, posted a loss of Dh23.56 billion in 2009.
