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 (CBB) and listed on the Bahrain Bourse, Dubai Financial Market (DFM) and Boursa Kuwait, announced today (ed note: 04/08/19) plans to voluntarily delist from Boursa Kuwait, while maintaining its listing on the Bahrain Bourse and DFM.
The announcement, by the Ithmaar Holding Chairman, His Royal Highness Prince Amr Al Faisal, follows the Board of Directors’ review and approval of the plan, which will be presented to the Company’s shareholders for approval at a general meeting later this month. The plans are subject to the approval of relevant authorities in the State of Kuwait and the Kingdom of Bahrain.
Ithmaar Holding’s plans to voluntarily delist from Boursa Kuwait will have no effect whatsoever on its subsidiary, Ithmaar Bank or any of its customers or investors. Ithmaar Bank, a Bahrain-based Islamic retail bank, is a separate legal entity from its parent company, Ithmaar Holding. The Bank is not listed on any stock exchanges.
In May 2019, Ithmaar Holding reported a net profit of US$8.62 million for the three-month period ended 31 March 2019, an increase of 79 percent compared to the net profit of US$4.81 million reported for the same period in 2018. The net profit attributable to equity holders for the three-month period ended 31 March 2019 was US$7.10 million, an increase of 329 percent compared to the US$1.66 million net profit reported for the same period in 2018. Earning per share (EPS) increased to US cents 0.24 compared to US cents 0.06 for the three-month period ended 31 March 2018. Total owners’ equity increased to US$120.52 million as at 31 March 2019, compared to US$116.36 million as at 31 December 2018.
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, Dubai Financial Market and Boursa Kuwait.
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 Ithraa Capital (Saudi Arabia).
© Press Release 2019