Resumption in trading sees high activity
- Amlak Finance shares resume trading on Dubai Financial Markets
- It was the most active stock on the market
- Despite early volatility, the share price ended with no change at AED1.02 ($0.28)
After a volatile morning, the share price settled at AED1.02 ($0.28), the price at which trading was frozen almost seven years ago.
Trading was suspended in 2008 during the emirates real estate crisis, when Amlaks debts became unsustainable.
The Islamic mortgage provider and real estate financier restructured $2.7bn of debt in August 2014, according to a statement to the DFM.
It reduced its total liabilities from AED13.8bn in 2008 to AED5.5bn by the end of 2014. The firms assets also fell from AED15.8bn in 2008 to AED7.3bn in 2014.
Amlak recorded net profit attributable to its equity holders (after non-controlling interest) of AED59m in 2014 and AED3.7m in the first quarter of 2015.
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