MIDEAST STOCKS-GFH board changes may prompt activity in Dubai

DUBAI - 26 February 2018: Gulf stock markets have few catalysts on Monday but news of board changes at GFH Financial , one of Dubai’s most active stocks, may trigger activity in that market.

MSCI’s broadest index of Asia-Pacific shares outside Japan is up 0.6 percent but Brent oil futures are almost unchanged at $67.29 a barrel.

GFH said in a brief statement that Jassim Alseddiqi, chief executive of Abu Dhabi Financial Group (ADFG), had been elected chairman of its board, amid a restructuring of board committees. Under a management restructuring plan, chief financial officer Chandan Gupta is resigning.

The company did not explain the changes but they could point to closer cooperation between GFH and ADFG, which owns nearly half of Shuaa Capital. GFH and Shuaa held merger discussions last year but the talks were called off in June.