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|16 March, 2019

Press Statement

Ithmaar Holding clarified that the accumulated losses, as of 31 December 2018, represent mainly impairment provisions resulting from non-core investments.

MANAMA, BAHRAIN – Ithmaar Holding, a Bahrain-based holding company that is licenced and regulated as a Category 1 Investment Firm by the Central Bank of Bahrain and listed on the Bahrain Bourse, Boursa Kuwait and Dubai Financial Market, said that trading of its shares on Boursa Kuwait was suspended this morning (ed note 14/03/19) in accordance with Article 9.8.2 of the Kuwait Stock Exchange’s rules relating to companies whose accumulated losses exceed 75 percent of the share capital.

Ithmaar Holding clarified that the accumulated losses, as of 31 December 2018, represent mainly impairment provisions resulting from non-core investments.

The Board of Directors are in discussions to recapitalize Ithmaar Holding during 2019 and are reviewing plans that include restructuring the existing share capital by setting off the accumulated losses against the share capital. In addition, the major shareholder has informed the Board that it is considering injection of new capital of up to USD 300 million during the second half of 2019.

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The capital plans are being reviewed and will be announced in due course, following necessary shareholder and regulatory approvals.

-Ends-

About Ithmaar Holding:

Ithmaar Holding B.S.C. (“Ithmaar Holding or Ithmaar”) is licensed as an investment firm and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse, Boursa Kuwait and Dubai Financial Market. Ithmaar Holding owns two wholly-owned subsidiaries Ithmaar Bank B.S.C (closed) (Ithmaar Bank), an Islamic retail bank subsidiary which holds the core retail banking business, and IB Capital B.S.C. (closed) (IB Capital), an investment firm subsidiary, which holds investments and other non-core assets. The two subsidiaries are licensed and regulated by the CBB.  

Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions. Ithmaar also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan) and locally through Dilmunia Development Fund I L.P.

IB Capital maintains a presence in regional and overseas markets through its investments including in associated companies. These include Bahrain-based BBK, Ithmaar Development Company Limited, Solidarity (an Islamic insurance company), Naseej and Citic International Asset Management (Hong Kong) and Ithraa Capital (Saudi Arabia).

© Press Release 2019

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