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Thu 21 May 2015 12:30 PM

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Dubai's Amlak Finance shares to resume trade on June 2 after 6-yr suspension

Islamic mortgage provider is part-owned by Dubai's biggest developer Emaar Properties

Dubai's Amlak Finance shares to resume trade on June 2 after 6-yr suspension

Shares in Amlak Finance, which have been suspended since November 2008, will resume trading on Dubai's main bourse on June 2, the Islamic mortgage provider said on Thursday.

Trading in Amlak, part-owned by Dubai's biggest developer Emaar Properties, was halted as credit markets dried up and the emirate's real estate prices began a near-50 percent tumble from their peak.

The shares last traded at 1.02 dirhams ($0.28) on Nov. 20, 2008, having fallen 79 percent in the preceding six months.

Amlak this month blamed amortisation charges for a 77 percent drop in first-quarter profit.

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