Amlak Finance postpones shareholder meeting for lack of quorum

Dubai: The first shareholder meeting of Dubai mortgage lender Amlak Finance in nearly six years was postponed on Sunday after failing to reach a quorum.

The meeting was called so that the board of directors could inform shareholders of the details of a $2.7 billion (Dh9.9 billion) restructuring plan that had been agreed with creditors.

Amlak’s shares were suspended from trading in November 2008 as the firm struggled to cope with the impact of a local real estate crash and the global financial crisis.

A new meeting has been proposed for September 28, according to a statement distributed to reporters at the venue in Dubai.