Amlak Finance, a Sharia-complaint home financier in Dubai, initiated talks with creditors to restructure its debt again.
The company had previously restructured its Dh10.2 billion investment deposits and settled Dh2.8bn in cash with financiers in 2014, and subsequently revised the terms of the 12-year deal in 2016, Amlak said in a statement on Wednesday to the Dubai Financial Market, where its shares are traded.
The restructure agreements have allowed for the resumption of normal business activity and enabled the company to pay Dh4.3bn, or 48 per cent of its total debt outstanding to financiers, and the redemption of Dh275 million or 21 per cent of its Mudaraba instrument.
“The current funding agreement imposed certain restrictive covenants on Amlak, which given the passage of time and changes in market dynamics and macro-economic factors proved to be detrimental to the long-term prospects of the company,” Amlak said.
The company “is approaching its financiers to renegotiate funding conditions to allow it more flexibility in adapting to current market conditions," it added. "This will provide Amlak with the opportunity to grow its business resulting in balance sheet growth and increased shareholder value.”
Amlak, which counts Dubai’s biggest listed developer Emaar Properties as its major shareholder, had also cited “restrictive covenants” in 2016 that included adjustments to certain restrictions to allow for the company’s mortgage book to be maintained at higher anticipated levels, funds to be raised under certain pre-agreed parameters and restrictions on business origination to be removed – for the reasons of revising the deal.
The company did not elaborate which of the provisions it seeks to renegotiate.
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Read More:
Amlak Finance renegotiates 2014 debt restructuring deal
Amlak Finance 2017 net profit more than halves as revenues slump
Amlak completes construction of its Dh138m residential project in Dubai
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Discussions have commenced and, subject to securing approvals from financiers and related authorities, is expected to be concluded by the second quarter of 2019.
Amlak, like its rival mortgage financer Tamweel and a number of banks with exposure to the home financing market, suffered after the 2008 property market crash when prices more than halved in some areas. Defaults on mortgages forced financial institutions to book losses and made it difficult for them to raise fresh funding to continue lending.
The property market rebounded in late 2011, however, it then softened due to a three-year slump in oil prices that began in mid-2014 and slowed the pace of economic growth. That reflected in more than 50 per cent decline in the Amlak full-year 2017 profit as revenues dropped. The company also reported an 11 per cent decline in the net income for the first nine months of 2018.
Since its successful restructure deal in 2014, Amlak said it made an advance payment of Dh758m to financiers in 2015. Its shares started trading again on DFM in June of the same year. The company made an advance payment of Dh274m the following year when it renegotiated the terms of the original deal. In 2017, Amlak paid an additional Dh100m that followed an advance payment of Dh684m in January 2018.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
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'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
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UAE v United States, T20 International Series
Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh
Stage 2
1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30
2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06
3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06
4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06
5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
UAE currency: the story behind the money in your pockets
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Company%20Profile
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Killing of Qassem Suleimani
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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Dubai World Cup Carnival card
6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
8.15pm: Handicap (TB) $175,000 (D) 1,600m
8.50pm: Handicap (TB) $135,000 (T) 1,600m
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
10pm: Handicap (TB) $135,000 (T) 2,000m
The National selections:
6.30pm - Ziyadd; 7.05pm - Barney Roy; 7.40pm - Dee Ex Bee; 8.15pm - Dubai Legacy; 8.50pm - Good Fortune; 9.25pm - Drafted; 10pm - Simsir
