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Dubai’s Amlak Finance shares to resume trade on June 2 after 6-year suspension

Dubai’s Amlak Finance shares to resume trade on June 2 after 6-year suspension

Trading in Amlak was halted as credit markets dried up and the emirate’s real estate prices began a near-50 per cent tumble from their peak.

Shares in Amlak Finance, which have been suspended since November 2008, will resume trading on Dubai’s main bourse on June 2, the Islamic mortgage provider said on Thursday.

Trading in Amlak, part-owned by Dubai’s biggest developer Emaar Properties, was halted as credit markets dried up and the emirate’s real estate prices began a near-50 per cent tumble from their peak.

The shares last traded at Dhs1.02 ($0.28) on Nov. 20, 2008, having fallen 79 per cent in the preceding six months.

Amlak this month blamed amortisation charges for a 77 per cent drop in first-quarter profit.

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