The largest private healthcare provider in the United Arab Emirates is listed in London on the blue-chip FTSE 100 index but has come under increasing pressure after shareholder Muddy Waters raised questions over its finances, prompting major investors to sell out, sending its share price tumbling.
The company said on Wednesday it would propose Chief Financial Officer Kim Sang Hyun as a replacement for Chung on the board. Shareholders will vote on the proposal during a meeting on March 19.
BlackRock has accelerated its investment in the region as a strategic priority over the last two years and now runs more than $1 trillion there, “making us the largest independent asset manager on the Continent,” Rachel Lord, its head of Europe, Middle East and Africa, said in the memo.
FILE PHOTO: British Airways logos are seen on tail fins at Heathrow Airport in west London, Britain, February 23, 2018. REUTERS/Hannah McKay