Dubai: Amlak Finance, which faced trading suspension in 2009 due to financial issues, may get re-listed on the Dubai Financial Market, a move that could instill investor confidence.
Amlak has not traded since November 2008, when its shares were suspended along with rival Tamweel, as credit markets dried up and Dubai property prices began a slump which would see them fall more than 50 per cent from their peak.
“All issues with Amlak have been resolved. We’re just waiting for the board of directors to issue their final decision. The company will be re-listed by the middle of this year,” said Sultan bin Saeed Al Mansouri, Minister of Economy at a conference in Abu Dhabi.
This would reinforce investor confidence, and the news come it at a time after restructuring plans were finalised for Dubai World.
“This signifies that the company has done its work and we will have a proper well-managed companies and this should boost investor sentiment. It would be interesting to see how the markets would price Amlak,” said Amlak Sebastien Henin, head of asset management at The National Investor.
Established in 2000, Amlak Finance was the first specialised home and real estate finance provider in the UAE.
