UAE's Amlak Finance to conclude debt renegotiations by Q2 | ZAWYA MENA Edition:
Islamic real estate financier Amlak Finance on Wednesday said its ongoing renegotiations with financiers on restructuring terms agreed in 2014 and subsequently revised in 2016 are progressing and would be concluded by second quarter 2019.
The Shariah-complaint home financier said in a statement that it continued renegotiating the funding conditions with its financiers to allow it more flexibility in adapting to current market conditions.
"This will provide the company with the opportunity to grow its business resulting in balance sheet growth and increased shareholder value. The renegotiation is currently in progress and, subject to securing approvals from financiers and related authorities, is expected to be concluded by second quarter 2019," the company said as it reported a net profit of Dh2 million in first quarter 2019 compared to Dh7 million in the same period during 2018.
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