The cash may even be used to repay a bond that matures on the finish of October, mentioned the individuals, who requested to not be named as a result of the knowledge is personal. Shuaa is in search of permission from bondholders to increase the debt fee deadline as a result of the rights challenge is unlikely to be accomplished earlier than it matures, the individuals mentioned.
Representatives for Shuaa and Houlihan Lokey declined to remark.
Former director Jassim Alseddiqi lately lowered his stake in Shuaa from about 25 p.c to lower than 5 p.c, in keeping with a inventory trade submitting earlier this week. In a LinkedIn publish final month, Alseddiqi mentioned he’s stepping all the way down to pursue pursuits in know-how, analysis and academia.
In recent times the corporate has undergone a number of restructurings, possession and administration adjustments. The chief working officer additionally resigned final month and the financial institution lately appointed Ahmed Alahmadi, a former worker of sovereign wealth funds ADQ and Mubadala Funding, to its board of administrators.
