Exclusive: Mushegh Tovmasyan Leaves as Divisa UK Director to Focus on Expansion

A filing with the UK Companies House shows that the Director of Divisa UK, Mushegh Tovmasyan, has left his position on the company's board of directors. The move is part of a strategic reshuffling that the company is undertaking a year after receiving a substantial investment from a consortium of investors from Saudi Arabia.

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The development confirms that 2018 will continue to be a vibrant year for the company after it started its big retail expansion with the Equiti.com brand.

A company spokesperson elaborated on the matter to Finance Magnates, sharing some insights: “In kicking off Equiti Group’s 2018 strategy, Mushegh Tovmasyan has been invited to lead a strategic business development project for the Group that will support the next phase of Equiti’s global expansion.”

The demands of the new project require a significant amount of Mr. Tovmasyan’s time in a number of jurisdictions. As such he has stepped down from his directorship in the UK to undertake the launch of the new Equiti project in the middle of 2018.

Iskandar Najjar, CEO of Equiti Group, will be stepping in to provide leadership to Divisa UK during this transition. Mushegh will continue to be a key member of Equiti’s Group Executive Committee as well as continue to hold a number of directorships supporting the business globally.

Mr. Najjar commented on the matter: “As part of the Equiti Group’s vision, we are looking to launch a number of new projects throughout 2018, and are particularly excited about the work Mushegh will be taking onboard with this project."

“I am very excited to be leading another significant project on behalf of the Group. We exceeded our growth targets in 2017 and are looking to continue growing the company at the same pace in 2018,” Mushegh Tovmasyan explained.