Kuwaiti firm鈥檚 representative on Costain board steps down
A Kuwaiti company that owned over 7% of UK construction group Costain has sold two million shares, triggering the exit of their representative Ahmed Aly Samy from the Costain board.
Kuwaiti-based company Mohammed Abdulmohsin Al-Kharafi & Sons (Kharafi) netted 拢7.4m from the sale of 1,930,423 shares, sold at 拢3.85 a share.
The firm鈥檚 shareholding in Costain has reduced from 7,339,490 shares, equivalent to 7.3%, down to 5,409,067, equivalent to 5.3%.
The sale has triggered the departure of Kharafi鈥檚 representative on the Costain board - Ahmed Aly Samy (pictured) - who had been a non-executive director at Costain since November 2013.
Aly Samy had been responsible for Costain鈥檚 offshore investments on international markets, the evaluation and implementation of project and investment opportunities and the undertaking of corporate actions including mergers and acquisitions prior to his departure.
Aly Samy is also deputy director of general investment affairs at Kharafi and prior to this had a long career in banking.
In a statement to investors Costain said the share sale had taken the Kuwaiti company鈥檚 shareholding to 鈥渂elow the level at which they are entitled to a nominee directorship鈥�. His resignation took effect yesterday.
David Allvey, Costain chairman, said: 鈥淎hmed has made a significant contribution to Costain since joining the Board in 2013 and we wish him well for the future.鈥�
Kharafi remains Costain鈥檚 second largest shareholder. Malaysian construction firm UEM Builders Berhad is Costain鈥檚 largest shareholder, with a 13.7% shareholding as of March 2015.
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