Amlak to resume trading after almost seven years

Amlak Finance, the UAE mortgage lender that was almost scuppered by the financial crisis of 2008, will start trading again on the Dubai stock exchange on June 2.

The resumption of trade marks the end of the company’s long restructuring journey. The Sharia-compliant home lender was among the biggest casualties of the collapse in Dubai house prices six years ago.

The shares were last traded on November 20, 2008, at Dh1.02 each.

“The board’s decision for the readmission of our shares on the DFM will mark the last step for us in the restructuring process and resumption of trading,” said Arif Alharmi, the chief executive of Amlak Finance.

“On behalf of Amlak, I would like to extend my gratitude to the UAE government, the regulatory authorities and to the steering committee for working closely with us during our restructuring process, and their support in enabling us to return to the market.”

Amlak, in which Dubai’s Emaar Properties has a 45 per cent stake, won shareholder approval last month to resume trading.

Amlak completed a restructuring of US$2.7 billion worth of debt last August, paving the way for the company’s shares to resume trading.

Amlak this month reported a 62.5 per cent drop in first quarter net profit to Dh6 million from Dh16m a year earlier. Revenue fell 15 per cent in the first quarter to Dh105m because of its decreasing real estate portfolio, the company said.

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