Amlak Completes Financial Restructuring Process

DUBAI, 26 November 2014: His Excellency, Engineer Sultan Bin Saeed Al Mansoori, UAE Minister of Economy and the Chairman of the “Committee to Assess the Condition of some Public Shareholding Companies of the UAE” (“the Committee”), today announced the successful completion of the financial and debt restructuring process for Amlak Finance PJSC (“Amlak”).

In August, the financial and debt restructuring package for Amlak was approved by its financiers. Following this announcement, Amlak’s shareholders approved the restructuring proposal at the company’s EGM in September, including approval of an increase in share capital of the company and the issuance of an Islamic financial instrument convertible into shares up to a maximum of AED 2,100,000,000. Finalization of the documentation for the restructuring now completes the official implementation process.

Commenting on the completion of Amlak’s restructuring, His Excellency, Engineer Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, said: “We are very pleased to announce the completion of Amlak’s financial restructuring which will now pave the way towards Amlak’s shares being readmitted for trading on the DFM in 2015. Amlak has worked closely with ‘the Committee’ over the past two years to bring the restructuring to a successful completion and I would like to extend my gratitude to all parties involved in contributing to this critical restructuring.”

Arif Alharmi, CEO of Amlak said: “On behalf of Amlak, I express my appreciation to the Steering Committee which is chaired by His Excellency, Engineer Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, the UAE government and the financiers for their diligence and support in bringing our restructuring to a successful close. Amlak will continue to work in positioning itself for future long-term growth and restructuring its business operations while also ensuring we work within the agreed parameters of the restructuring package. We continue to work towards our aim to return to trading on the DFM in early 2015, which will allow us to then focus on our core business operations.”

The regulatory requirements for re-admission of share trading on the DFM include regulators’ approval of the company’s post restructuring and prior years’ financial statements as well as the shareholders’ approval at the AGM. A request of re-admission for share trading will then be submitted to ESCA and the DFM after the AGM. The AGM is provisionally scheduled to take place in the first quarter of 2015.