Dubai: Shareholders of Bahrain’s Ithmaar Holding appear to agree to the restructuring plans, despite cumulative losses of $790 million. Because inventory increased by 14. 67% on Monday, August 29 to 0. 21 Dh.
Clearly, what the control over compensating for maximum losses had to say will have to have appeased shareholders. “capital,” Ithmaar Holding said in a statement. Other probabilities come with “the sale and/or restructuring of non-essential assets. . . “
The losses constitute 104% of the capital and were due to the pandemic ($87 million), and before that due to higher depreciations.
Ithmaar Holding, an investment firm, is indexed on the Bahrain Stock Exchange and the Dubai Financial Market. It has two wholly-owned subsidiaries: Ithmaar Bank, an Islamic banking subsidiary that has the core business of corporate banking, and IB Capital, an investment firm. subsidiary of the company, which owns investments and secondary assets.
In March, Ithmaar Holding shareholders approved plans to sell some of the company’s main assets in Bahrain to Al Salam Bank. These include a stake in BBK and Solidarity Group Holding, the Takaful entity and the parent company of Solidarity. Ithmaar Bank’s customer banking business will also be divested. The transaction is complete.
“Ithmaar Holding now maintains a well-diversified portfolio of monetary and other assets, both foreign and local, that come with banking operations in Bahrain and Pakistan,” he said. “Ithmaar Bank, which remains a one hundred percent subsidiary of Ithmaar Holding, will remain a regulated and CBB-licensed Islamic bank that will be dedicated exclusively to corporate banking and similar services, especially to fast-growing SMEs. “
Ithmaar Holding earned $18. 13 million in net revenue during the first part of 2022 compared to $12. 96 million in 2021, basically due to higher core income.
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