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Business plan unaffected - Tamweel
Mortgage finance provider Tamweel on Wednesday reassured its shareholders and investors that it is business as usual at the company following the recent arrest of deputy group chief executive Abdullah Nasser Abdullah in connection with a corruption investigation.
- By Shakir Husain, Staff Reporter
- Published: 23:39 September 10, 2008
Dubai: Mortgage finance provider Tamweel on Wednesday reassured its shareholders and investors that it is business as usual at the company following the recent arrest of deputy group chief executive Abdullah Nasser Abdullah in connection with a corruption investigation.
In a statement to the Dubai Financial Market (DFM), where its shares are traded, the company said the investigation "will have no impact on the operations and financial strength of Tamweel."
This was Tamweel's second detailed statement since August 21 to convey that its financial performance was unaffected by the ongoing investigation.
Last month, police arrested Adel Al Shirawi, Tam-weel's former chief executive and current board member, and its former head of investments, Feras Kalthoum, over financial embezzlement.
"Tamweel's board of directors and management have taken immediate steps to ensure the smooth functioning of the company's business in line with its set plans," company chairman Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan told the DFM.
"For the remainder of the year and beyond, Tamweel will seize every available and appropriate market opportunity and will continue to forge ahead with its business activities, promoting homeownership and providing solutions for property finance," he said.
Tamweel's shares slid 4.06 per cent to close at Dh5.20 on Tuesday after the news of Abdullah's arrest. They lost 4.04 per cent yesterday and ended at Dh4.99.
The company reported a net profit of Dh387.3 million in the first half of 2008 and expects full-year profit to be between Dh825 million and Dh850 million.
Tamweel said it had received assurances of support from its founders. Istithmar World has a 22 per cent stake in Tamweel and Dubai Islamic Bank owns about 20 per cent.
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