Kenmare Resources (LSE:KMR), which operates the Moma Titanium Minerals Mine in northern Mozambique and ranks among the world's leading producers of titanium minerals and zircon, announced a board change on 22 August.
Issa Al Balushi stepped down as a Non-Executive Director, with Mahmood Al Khatri appointed to the role with immediate effect.
Both were nominated by African Acquisition Sarl, Kenmare's largest shareholder and a vehicle controlled by the Oman Investment Authority, under a subscription and relationship agreement dating back to June 2016.
Al Khatri is a senior manager at the Oman Investment Authority, where he oversees private equity fund investments across buyouts, growth and venture capital strategies in North America, Europe and Asia.
He brings more than 15 years of experience across public and private markets and sits on the board of Maha Ceramic SAOG, listed on the Muscat Securities Exchange, alongside other private entities held on the sovereign fund's behalf.
"We are grateful for his diligence and insights, and for his support as nominee of our largest shareholder, the Oman Investment Authority", said Kenmare chairman Andrew Webb of Al Balushi's departure.
The company confirmed there are no further matters requiring disclosure regarding Al Khatri's appointment under listing rules.
News Intelligence what this means for the company
Kenmare swapped one Oman Investment Authority nominee for another on its board, with Mahmood Al Khatri replacing Issa Al Balushi as Non-Executive Director. The move is routine governance under the subscription agreement with African Acquisition Sarl, Kenmare's largest shareholder; Al Khatri brings 15+ years in public and private markets and currently oversees private equity at the OIA. No material change to shareholder control or board independence.
This is a personnel swap within the OIA's existing board seat and does not alter Kenmare's capital structure, operational exposure, or shareholder alignment. The company remains focused on navigating weak titanium minerals pricing and managing its debt position, which stood at $175.7 million net debt at 30 June 2026.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
