At a briefing in Emirates Towers today, Amlak Finance presented a corporate overview and shareholder insight, to discuss the company’s top-level strategy for the Financial Year 2007 and beyond.
“Amlak has a strong commitment to deliver value to its shareholders, through the renewed focus on our core retail products, with the focus and vision of a new senior management team,” commented Arif Alharmi, CEO, Amlak Finance. “Seeking an international credit rating and developing strategic partnerships with key financial institutions are two of the initial strategies that we will be undertaking in the coming months. We believe that these initiatives will demonstrate the strength of Amlak Finance and its commitment to growth and development, which will in turn deliver real returns to our shareholders who are the backbone of the company.
Amlak Finance is listed on the Dubai Financial Market (DFM). Since the announcement of the management restructure, the stock price has climbed 22.5% to reach AED3.43 at the close of trading on Sunday 13th May 2007.
At present Amlak has a UAE shareholder balance of 81%, with a further 14% ownership made up of Arab nationals and only 4% foreign investors. To address this, the company has been invited to join the DFM on its upcoming roadshow to London, to present credentials and strategy to influential institutional and individual investors in the UK.
“Broadening our investor base offers us diversified sources of funding, which will energize our growth for 2007, whilst at the same time offering foreign investors excellent earnings potential as the market continues to boom,” commented Nasser al Shaikh, Chairman of Amlak’s Board of Directors. “The recent upward trend of Amlak’s share price as per the close of the DFM yesterday demonstrates the confidence that regional investors are showing in the company’s renewed focus on core business and senior management appointments.”
About company:
Amlak Finance PJSC (Amlak) was established in November 2000 as a wholly - owned subsidiary of its still major shareholder Emaar Properties PJSC (Emaar). The Company ceased to be wholly- owned in 2003 following a tripling of the capital base. An IPO was held in January 2004 and the Company was listed on the Dubai Financial Market in March 2004. Emaar currently owns 45% of the Company. No other shareholder has a stake of 5% or above. As at end 2004 non-national shareholders held an aggregate 18.62%.
For more information: Aimee Peters, tel +971 4369 8563, Email: [email protected]
