Dubai: Amlak Finance said on Thursday it plans to re-list its shares on the Dubai Financial Market on June 2, after the firm’s shares were delisted from the bourse in November 2008.
Trading in shares of mortgage financer Amlak Finance was suspended after credit markets dried up post property crisis in 2008.
Up until the relisting the company had announced its first quarter results and also launched a new finance product called as Istithmari.
“As Amlak takes its final steps to return to market, we have entered a new phase of business growth, focusing our attention to core business operations and, serving our customers,” Arif Al Harmi, managing director of Amlak Finance said at the time of the product launch.
The company recorded a net profit attributable to its equity holders of Dh59 million in 2014 after the completion of a restructuring process in November as it disclosed the results for the first time in six years.
This compares with a net profit attributable to equity holders of Dh240 million in 2008.
In 2014, Amlak completed the restructuring of its Dh10 billion balance sheet, which allowed it to create a solid foundation for its recovery and future growth.
Under that restructuring, Amlak took certain impairments on its real estate investment portfolio. The company also termed out its short term facilities into a 12-year fixed profit facility. As part of the deal, an appropriate security package was also granted to financiers.
The company has paid Dh2.8 billion to its financiers under the restructuring package.
Amlak serves more than 3,000 customers with a financing portfolio of more than Dh4.2 billion.
