Amlak Advances as Shares Resume Trading After 6-Year Suspension - Bloomberg Business:
"Amlak Finance PJSC rose on its first day of trading in Dubai following the longest suspension in the market’s history.
Shares in the Islamic mortgage provider climbed to 1.08 dirhams at 10:16 a.m. local time after earlier dropping to as low as 75 fils. The stock started at 1.02 dirhams apiece, its last closing price in November 2008, according to a spokesman for the Dubai Financial Market. Emaar Properties PJSC, which holds a 45 percent stake in Amlak, added 0.6 percent to 7.81 dirhams.
Trading in Amlak was halted six-and-a-half years ago before the United Arab Emirates’ government intervened to rescue the company from insolvency. Dubai and the companies it controls racked up more than $100 billion of debt to transform the sheikhdom into the Middle East’s commercial hub, pushing the emirate to the brink of default during the global financial crisis."
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