The Company was yesterday notified that Hassan Heikal, Deputy Chairman of the Company, is stepping down from the Board with immediate effect. Mr Heikal has served as non-executive Director of the Company since November 2020 having been nominated to this role by Seafox International Limited ('Seafox'), and as Deputy Chairman since February 2021 having been appointed to this position by the Board.
Mr Heikal's appointment to the Board followed a period of shareholder activism, commencing in 2019, during which Seafox became the Company's largest shareholder and which led to changes in the composition of the Board, including the appointment of Mansour Al Alami as Executive Chairman. These changes led to the financial restructuring of the Company. Seafox also participated in the June 2021 capital raise, maintaining its proportionate shareholding, which further enhanced the Company's capital base. As a result, EBITDA grew significantly, and the Company was able to substantially deleverage which has repositioned the Group to its current sustainability.
Mr Heikal's role both as a Board member and as Deputy Chairman in supporting, guiding and encouraging the Group on this journey through to its current phase of ongoing financial and operational development was pivotal and the Board is grateful for his constructive contribution.
Part of the Company's ongoing strategy is to enlarge the Company's free float by introducing more high-quality institutional investors, family offices and other investors to the Company's shareholder base. In this context, Seafox has notified that it will:-
(i) distribute 150 million of the shares that it owns in the Company pro-rata in the form of an in specie dividend to Seafox's shareholders, which include prominent family offices, such distribution to take place on or after the 15th of September 2024; and
(ii) retain (directly and through its subsidiaries) the remaining 103,686,385 shares in GMS (representing a 9.69% equity interest in the Company). Whilst acknowledging that circumstances can change, Seafox has confirmed that it has no current intention to make further disposals in the short-term, given the positive outlook for the Company.
Mr Heikal commented, "I would like to take this opportunity to thank the Directors and management for the time spent together and wish the Board and the Company every ongoing success."
Mansour Al Alami, Executive Chairman, commented:
"On behalf of the Board as well as personally, I would like to thank Hassan for the unstinting support, encouragement and input he has provided to the Board and the Company. His role was invaluable in the achievement of the changes necessary to set up the Group for the success it is now enjoying and ensuring it is well-positioned to continue this journey into the future."
