Amlak redeems $27m from Mudaraba instrument.
Amlak Finance, a leading specialised real estate financier in the Middle East, said it has redeemed an additional Dh100 million ($27.2 million) of a Mudaraba instrument worth Dh1.3 billion ($353 million) as part of its restructuring plan.
With this move, the Emirati company's total redemptions have reached Dh309 million, about 21 per cent of the Mudaraba instrument, said the company in its statement.
Amlak's restructuring proposal allowed financiers to swap Dh1.3 billion of its original facilities to a convertible Mudaraba instrument. The instrument is fully convertible into company shares, if not redeemed, by the end of the 12th year of the restructuring period from monetization of Amlak's real estate assets value growth, it added.
On the achievement, Arif Alharmi, the managing director and CEO, said: "We are pleased that, despite certain headwinds, Amlak has successfully paid 21 per cent of the Mudaraba instrument. Going forward, we seek to remain committed and on track in our commitments to financiers."
Alharmi pointed out that its long-term focus continued to be on growing its business and positioning the company as one of the leading specialised real estate financiers in Dubai and the Middle East.
"While there may be challenges ahead, I am confident that Amlak, with continuous support from its financiers, liquidity support providers and shareholders, will be well-positioned to capitalise on the improving economic backdrop in the UAE. I look forward to seizing these opportunities," he added.-TradeArabia News Service
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