Dubai – Mubasher: Shuaa Capital, listed on the Dubai Financial Market (DFM), announced that its board of directors has approved to change the company’s name to Abu Dhabi Financial Group (ADFG).

This decision is subject to regulatory approvals, the DFM-listed firm which recently completed its merger with ADFG said in a bourse filing on Thursday.

Moreover, the board approved the appointment of Masood Mohammad Mohammad Sharif Mahmood as board member starting 8 August, replacing Mustafa Kheriba who resigned last July, Shuaa Capital added.

The board also agreed to amend Article 17.1 of the company’s Articles of Association to raise the number of the board members to seven members instead of five.

Furthermore, the board nodded to the amendment of Article 24.5 of the company’s Articles of Association, upon which the board will be able to issue resolutions by circulation with no maximum limit during the year, the company indicated.

These decisions came as results of the company’s general assembly meeting which was held on Wednesday, 11 September.

In August, Shuaa Capital said that a general assembly would be held on 11 September to discuss a recommendation of changing the company’s name to Abu Dhabi Financial Group (ADFG).

Shuaa Capital previously noted it had raised its authorised capital to AED 2.535 billion from AED 1.065 billion through the issuance of nearly 1.470 billion shares at a nominal value of AED 1 per share in favour of Abu Dhabi Capital Management, the parent company of ADFG.