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Fri 17 Apr 2015 01:05 AM

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Dubai's Amlak plans to resume share trading in May

Islamic mortgage lender wins shareholder approval for move; shares have been suspended since Nov 2008

Dubai's Amlak plans to resume share trading in May

Dubai-based Islamic mortgage lender Amlak Finance has said it provisionally plans to resume trading on the Dubai Financial Market (DFM) in May.

Shareholders approved the proposal during its annual general meeting on Thursday and a request for the re-admission of its shares on the bourse will now be sent to the Securities and Commodities Authority and the DFM, it said in a statement.

Amlak's shares have been suspended since November 2008 after the global financial crisis helped trigger a local real estate crash.

But in an upturn of the company's fortunes, last month it posted a 22 percent rise in attributable net profit for 2014, aided by gains from a $2.7 billion debt and financing restructuring deal with creditors it signed last November.

Ali Ibrahim Mohammed, vice chairman of Amlak, said: "The AGM was the final major step in our efforts to bring the company back to trading activity.

"It has been a long journey for all parties involved and I would like to extend my gratitude for the UAE government and the 'steering committee' for their work over the past two years with the restructuring, our shareholders for their patience and belief in our future, and the regulators for their continuous support."

Arif Alharmi, CEO of Amlak, added: "As we embark on our new phase of growth, we are in the best position to focus on our core business operations with an enhanced offering that will allow us to better serve our customers."

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