Sharia-compliant Amlak Finance plans to re-list shares on DFM this month

Amlak Finance plans to re-list its shares on the Dubai Financial Market this month after an absence of more than six years. The Sharia-compliant home finance company, in which Dubai’s Emaar Properties has a 45 per cent stake, had won shareholder approval last month to resume trading. Amlak completed a restructuring of US$2.7 billion worth of debt last August, paving the way for the firm’s shares, suspended since November 2008, to resume trading. Amlak yesterday reported a 62.5 per cent drop in first-quarter net profit to Dh6 million from Dh16m a year earlier. Revenue fell 15 per cent in the first quarter to Dh105m because of its decreasing real estate portfolio, the firm said.