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Dubai - Amlak Finance PJSC, the leading specialized real estate financier in the Middle East, announced in its Board of Directors meeting yesterday that it has endorsed 2nd June 2015 as the date for company shares to restart trading on the Dubai Financial Market (DFM), subsequent to receiving approval from the relevant regulatory authorities.
Commenting on the Board's decision, Arif Alharmi, Managing Director of Amlak Finance PJSC, said: "The board's decision for the re-admission of our shares on the DFM on 2nd June 2015 will mark the last step for us in the restructuring process and resumption of trading."
He further added: "On behalf of Amlak, I would like to extend my gratitude to the UAE government, the regulatory authorities and to the Steering Committee for working closely with us during our restructuring process, and their support in enabling us to return to the market."
The return to share-trading follows shareholders' approval of financial statements of the period 2008 to 2014 and re-admission process at DFM at last month's Annual General Meeting (AGM). The re-admission was later approved by the SCA.
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About Amlak Finance PJSC
Established in 2000, Amlak Finance is a leading specialized real estate financier in the Middle East. Amlak provides innovative, Shari'a-compliant property financing products and solutions designed to meet the demanding needs of the market. Amlak offers a range of customized financial solutions and products to investors for both ready and off-plan properties.
Amlak launched its first international office in Cairo in 2007, which operates under the name 'Amlak Finance & Real Estate Investment'. It also has business associations in Saudi Arabia under the name 'Amlak International for Real Estate Development and Finance Co'.
Following suspension of Amlak's shares in the Dubai Financial Market in 2008, the company undertook a comprehensive restructuring of its balance sheet and its business. In the third quarter of 2014, Amlak completed the financial restructuring, which was approved by its financiers. The company's shareholders approved the restructuring proposal at Amlak's EGM, held in September 2014. By pursuing a business strategy underpinned by prudence and austerity, the company reported profits for the year 2014. Amlak is now well placed to resume normal business operations and work towards once again creating future value for its shareholders.
To learn more about Amlak Finance, please visit our website: http://www.amlakfinance.com/
Media Inquiries:
Rawan El Saleh
Tel: 04-4454251
Email: relsaleh@webershandwick.com
© Press Release 2015
