Bloomberg News

Shuaa Rises Most in Month After Board of Directors Appointment

October 02, 2011

Oct. 2 (Bloomberg) -- Shuaa Capital PSC rallied the most in more than a month after the investment bank controlled by Dubai’s ruler said it appointed Michael Philipp to its board.

The shares advanced 5.5 percent, the most since Aug. 23, to 79 fils at 12:18 p.m. in Dubai as four trades on the stock were made.

The appointment fills a vacancy on the board and will bring the total number of directors to eight, the company said. Philipp was previously the chairman and chief executive officer for Europe, Middle East and Africa at Credit Suisse Group AG, it said.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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