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Dubai’s Amlak Shareholders To Meet Sept 21 On Restructuring Plan

Dubai’s Amlak Shareholders To Meet Sept 21 On Restructuring Plan

Creditors of the company approved a plan to restructure debts worth around $2.7 billion last month.

Dubai mortgage lender Amlak Finance said on Wednesday that it would hold a shareholder meeting on Sept. 21 to discuss its restructuring plan and a proposed issue of equity-linked bonds.

Creditors of the company, whose shares have been suspended since late 2008 after it was hit by a local real estate crash and the global financial crisis, last month approved a plan to restructure debts worth around $2.7 billion.

Shareholders will meet later this month to discuss the restructuring plan and the company’s financial outlook, a statement to the Dubai bourse said on Wednesday.

A plan to issue a sharia-compliant financial instrument, convertible into the firm’s shares and worth up to Dhs2.1 billion ($572 million), will also be considered.

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