SHUAA Capital has appointed a new chairman, vice chairman and managing director, as it continues a restructuring process following the departure of its largest individual shareholder last year.The board of the investment bank and asset manager will now be chaired by former vice chairman Badr Al Olama, who is also the director general of Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Investment Office (ADIO).New board member Nabil Ramadhan, who is chief strategy and marketing officer at Dubai Holding Asset Management, will serve as vice chairman.Ahmed Alahmadi, former Abu Dhabi sovereign wealth fund official, current CEO of Al Baher Real Estate, who joined the SHUAA Capital board for the second time in August 2023, will now serve as managing director, a bourse filing said.The new appointments follow the departure of chairman Fadhel Al Ali, who stepped down from the Dubai-based entity following nearly five years in the role, and a series of resignations, ending with its legal and compliance head last month.The Dubai Financial Market (DFM)-listed entity is in the process of restructuring, having secured agreement from bondholders of its outstanding $150 million bond to convert a portion of notes to equity after negotiations.SHUAA announced last year that it planned a rights issue to extinguish losses which reached AED 866 million ($235.78 million) in 2023, although it is currently suspended from trading due to not filing audited results for the year.The entity’s shares fell to an all-time low below AED 0.12 at the end of March and it was forced to deny delisting rumours in February.Ramadhan was elected to the board on Wednesday at SHUAA’s general assembly in Abu Dhabi along with Darwish Al Ketbi, group head of investment of Abu Dhabi conglomerate Darwish Bin Ahmed & Sons Group.The fifth board member is Hamda Eid Al Mheiri, director of government and sovereign relations at Abu Dhabi sovereign investor ADQ.

Al Seer Group LLC, based in the UAE, has announced plans to offer 900,000,000 shares, equivalent to a 25% stake, of Dubai's renowned supermarket chain, Spinneys Holding, in an upcoming Initial Public Offering (IPO). The IPO is scheduled to open for subscription on April 23, with listing on the Dubai Financial Market (DFM) set for May 9, as per the company's statement.The offer price range, denominated in UAE dirhams, will be disclosed before the commencement of the offer period. Emirates NBD Bank has been appointed as the lead receiving bank for the IPO, while Rothschild & Co Middle East Limited will serve as the independent financial adviser.Retail investors will be allotted 5% of the shares, totaling 45 million, in the initial tranche. Each retail subscriber will be guaranteed a minimum allocation of 2,000 shares. The remaining 855 million shares will be allocated for professional investors and institutions in the second tranche.Spinneys Holding operates 75 high-end grocery retail supermarkets under the brands 'Spinneys,' 'Waitrose,' and 'Al Fair' across the UAE and Oman. Moreover, with plans to open its first store in Saudi Arabia in the first half of 2024, the company aims to expand its footprint in the region.This IPO marks the second listing on the DFM this year, following the successful $429 million IPO of Parkin last month. Parkin, responsible for overseeing public parking operations in the emirate, witnessed a record-breaking debut, being oversubscribed 165 times and attracting $71 billion in demand.