Amlak Holds First Annual General Meeting Since 2008

  • Shareholders approve re-admission of shares on DFM

Dubai, UAE 16 April 2015: As a final step ahead of its return to market, Amlak Finance PJSC, the leading specialized real estate financier in the Middle East, today held its first Annual General Meeting (AGM) since 2008.

Following the conclusion of the AGM, Amlak announced that the shareholders approved the financial statements of the period 2008 to 2014 during which the company recorded net profit attributable to its equity holders (after non-controlling interest) of AED 59 million in 2014.

The company’s shareholders also approved the company’s re-admission process on the DFM pending approvals from SCA and the concerned authorities.

Amlak also announced the election of its new board of directors at the AGM.

H.E. Ali Ibrahim Mohammed, Vice Chairman of Amlak Finance PJSC, stated, “The AGM was the final major step in our efforts to bring the company back to trading activity. We are very pleased to announce that shareholders have approved the company’s financial statements for the past six years in addition to re-admission of the shares on DFM. 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 during the past six years, and Amlak’s management and staff for their unwavering loyalty and support.”

He added, “I am delighted to announce the new board of directors at Amlak who bring with them a strong track record of achievements and decades of experience in the financial, and real estate sectors. I am confident that the value they will add will help further drive the company’s growth and success.”

Commenting on the AGM, Arif Alharmi, CEO of Amlak Finance PJSC, said “I take this opportunity to express my gratitude to the UAE Government for their guidance and support and our Board of Directors and to all Amlak staff for their dedication and hard work, throughout these challenging years. 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.”

Following shareholder’s approval at the AGM, a request for re-admission for share trading will be submitted to SCA and the DFM, following which Amlak is provisionally scheduled to start trading in May 2015.

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About Amlak Finance

About Amlak

Amlak Finance PJSC is a leading specialized real estate financier in the Middle East. Since its establishment in November 2000 as the region’s pioneer financial services provider, it has provided its customers with innovative, Sharia-compliant property financing products and solutions designed to meet the rapidly evolving market demands.