Dubai, UAE - The shareholders of the largest integrated healthcare and education company Amanat Holdings PJSC ("Amanat") have approved the distribution of a 1.5 percent cash dividend, equivalent to 1.5 fils per share, following the conclusion of the company's first Annual General Meeting (AGM) since listing on the Dubai Financial Market (DFM).
All resolutions in the agenda of the AGM were passed by the assembly. These included approval of the Board of Directors' report on the company's activities and financial position, the auditor's report, and the balance sheet and profit and loss account for the period ending December 31, 2015.
The assembly discharged the Board of Directors and the auditors of liability for 2015, further, KPMG was re-elected as auditor for the fiscal year 2016. The assembly further ratified the appointment of Sheikh Mansour Bin Mohamed Bin Butti Al Hamid as an independent director in replacement of Sheikh Zayed Bin Mohamed Bin Butti Al Hamid who resigned the board for personal reasons.
Three special resolutions, which requires the approval of 75% of the attendees; were also duly passed during the AGM, namely amending the Articles of Association to comply with Federal Law No.2 of 2015 concerning commercial companies, approving the establishment of AED5 billion of authorised capital in accordance with Article 193 of the aforementioned law and the reduction of the number of members of the board of directors from 9 to 7 in line with the existing board composition.
"We thank our shareholders for their participation in Amanat's AGM and for their support throughout since our inception" said Faisal Bin Juma Belhoul, Chairman of the Board of Amanat. "The company made significant progress in 2015 with the implementation of its core investment strategy, while maintaining tight control over costs throughout, resulting in a healthy profit that enabled Amanat to distribute dividends to shareholders."
Amanat recorded a net profit of AED 50.6 million for the period from its inception on November 17, 2014, to December 31, 2015. Total income in the same period stood at AED 89.6 million, comprised mainly of AED 57.3 million of gain and dividends from Al Noor Hospitals Group and AED 32.3 million in interest income where majority of which is on Murabaha and Wakala deposits. Amanat's share of profit from its stake in specialist healthcare provider Sukoon International Holding Company CJSC was AED 8.9 million from the acquisition date in August 2015 until year end 2015. Amanat's operating expenses during the period stood at AED 47.9 million which included pre-incorporation expenses.
Faisal Belhoul further added: "Amanat's strong cash position and healthy deal pipeline leaves us well positioned to continue building, through our three verticals, a portfolio of desirable assets in the high growth healthcare and education sectors. The highly experienced team at Amanat will continue to evaluate lucrative opportunities and work closely with portfolio companies to further add value and shall continue to maintain a disciplined and differentiated approach throughout 2016 to deliver long-term profitability and value to our shareholders."
The Chairman further confirmed Amanat's commitment to the GCC region by establishing and developing high quality healthcare and educations assets, in line with the region's leadership ambitions and vision in the long term to build an integrated environment characterized by excellence and allowing companies similar to Amanat to contribute in addressing the growing needs in the GCC.
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About Amanat
Amanat Holdings PJSC is the region's largest integrated healthcare and education company with a capital of AED 2.5 billion. Listed on the Dubai Financial Market (DFM), Amanat has a mandate to establish, acquire and incorporate companies working in the healthcare and education sectors, and develop, manage and operate these companies within the GCC. For further information visit: www.amanat.com
For media enquiries, please contact:
Liam Turner, Tameem AlKintar or Tom Drummond
media@amanat.com
Tel: 971-4-450 7600
© Press Release 2016
