Shuaa delays Q3 results

Dubai-based investment bank Shuaa Capital today said it was delaying the announcement of its Q3 results as Michael Philipp, the company’s newly appointed CEO, needed more time to study the results before signing it off.

“In light of strategic and operational discussions at the board meeting and their potential bearing on the third quarter 2011 financial results, the Board of Directors, and in particular the recently appointed new CEO, required additional time to further consider the financial statements prior to their approval,” Shuaa said in a media statement.

A former Credit Suisse banker, Philipp was appointed by the loss-making investment bank as its new chief executive in October, replacing Sameer Al Ansari. Michael Philipp, who was appointed to Shuaa’s board earlier last month, was previously the chairman and chief executive officer of Credit Suisse Europe, Middle East and Africa.

The company said the decision to de3lay the results announcement was taken at its board meeting held yesterday, November 13, 2011, which was adjourned to November 17, 2011. “This will delay the disclosure of the interim financial statements for the period ended 30 September 2011,” it said.

The Dubai-listed Shuaa Capital had earlier announced a loss of Dh25.7 million for the six-month period ended June 30, 2011, better than the Dh37.14mn loss that it announced for the corresponding period of 2010.