Abu Dhabi-based Al Qudra Holding, which in March dropped plans to sell shares in what would have been the UAE's second-largest IPO, replaced its chairman and six board members, it said on Tuesday.

The company appointed a new chairman, replacing Salah al-Shamsi, who had already handed over day-to-day operations to a new chief executive appointed in March.

The changes took place at Qudra's shareholder meeting on Monday, it said in a statement.

Chief Executive Mahmood Ibrahim Al-Mahmood, who joined just as Qudra was preparing to raise about $1 billion in the IPO, told a local newspaper on Tuesday that al Shamsi's departure 'has nothing to do with performance'.

Earlier this month, Qudra said its CEO was running the day-to-day operations of the company while the chairman was overseeing strategy.

Shamsi told the newspaper he had not put his name forward for re-election and would continue to be a shareholder.

The National newspaper said the new chairman, Hamad bin Abdullah al Shamsi, was not related to the former chairman.

Qudra, which has 30 units in industries including real estate and infrastructure, said on February 23 it planned to offer 55 per cent of the company in the first week of March, initially looking to raise Dh3.7 billion.

Then, on March 2, it said it dropped the plan, 'given recent discussions around the revised companies' law, allowing for UAE institutions to offer less than 55 percent through an initial public offering'.

At a meeting organised by IPO adviser Shuaa Capital on February 23, two investors expressed disappointment with a presentation Shamsi gave, saying they would not invest in the company.-Reuters