Dubai’s Amlak Finance Says Targets May For Trading Restart

Dubai-based Islamic mortgage lender Amlak Finance says it provisionally plans to resume trading on the Dubai Financial Market (DFM) in May.

Shareholders approved the proposal during its annual general meeting on Thursday and a request for the re-admission of its shares on the bourse will now be sent to the Securities and Commodities Authority and the DFM, it said in a statement.

Amlak’s shares have been suspended since November 2008 after the global financial crisis helped trigger a local real estate crash.

But in an upturn of the company’s fortunes, last month it posted a 22 percent rise in attributable net profit for 2014, aided by gains from a $2.7 billion debt and financing restructuring deal with creditors it signed last November.