ACWA Power Barka Chairman in Oman resigns
Mohammad Abdullah Abunayyan resigned citing "personal reasons" and ended his tenure as chairman and a member of the developer's board of directors on 5 August, 2018
The chairman of ACWA Power Barka's board of directors has resigned with immediate effect due to "personal reasons".
Mohammad Abdullah Abunayyan resigned citing "personal reasons" and ended his tenure as chairman and a member of the developer's board of directors on 5 August, 2018.
The decision was confirmed in a statement issued by the company on the Muscat Securities Market (MSM), in which the company thanked Abunayyan for his services to the firm.
"The board of directors and management team of the company acknowledges the significant contributors of Mr Mohammad Abdullah Abunayyan during his term on the board and wishes him all the best in his endeavours."
Additional details of Abunayyan's departure are yet to be revealed.
His resignation was reported on the MSM just two days after ACWA Power Barka said that a persistent algal bloom problem had cost the business $364,000 (OMR140,000). However, there has been no indication from the company to suggest that the two events are connected, and the firm confirmed earlier this month that it was managing the production problem.
The algal bloom in the Gulf of Oman hit water production at the company's RO-1 and RO-2 Expansion Plants, which had forced the company to increase chemical dosing to maximum levels in an attempt to keep both plants partially operation until the seawater quality drops.
Meanwhile, Saudi Arabia's wealth fund, the Public Investment Fund (PIF), acquired a 15.2% stake in ACWA Power last month. ACWA Power said the increase in capital would support its growth strategy and investment plan.