Thursday, 6 October 2011 at 16:29, Reuters, Dubai
Aldar sold its Formula 1 theme park to Abu Dhabi government as part of rescue plan to revive the company. (REUTERS)
Aldar Properties' chief financial officer, who played a key role during the company's $5.2 billion bailout by the Abu Dhabi government, has resigned, the developer said on Thursday.
Shafqat Malik left to pursue other opportunities, ending his five-year tenure, Aldar said in a statement to the Abu Dhabi bourse.
The developer, which is 30-per cent owned by the Abu Dhabi government, is expected to report its third-quarter results later this month. Malik will remain with the company until October 31.
In April, Aldar, builder of the Yas Marina Formula One circuit, replaced its chairman Ahmed Al Sayegh and appointed a new board.
Aldar was forced to sell some of its prized assets, including the Formula One theme park, to the Abu Dhabi government as part of a rescue plan to revive the company.
The company swung to a profit of Dh127.3 million in the second quarter and raised an additional Dh1.4 billion in loan from banks.
Aldar shares closed up 0.9 per cent on Thursday. The statement came after markets closed.
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