Amlak Finance P.J.S.C

The Board of Directors of Amlak Finance PJSC has invited its shareholders to the Annual General Meeting to be held on 23 April 2024, at 1:00 pm, at Kempinski the Boulevard, Downtown Dubai or remotely. The agenda includes the ratification of the company's activities and financial position, the External Auditors’ report, and the Internal Sharia Supervisory Committee report for the fiscal year ended 31 December 2023. The meeting will also discuss the company's balance sheet, profit and loss account, and the Directors’ remuneration. The Board of Directors' recommendation to not distribute dividends to shareholders will be considered and the appointment of the Internal Sharia Supervisory Committee Members for the term 2024 -2027 will take place. The Board of Directors and the External Auditors will be absolved from liability for the year ending 31 December 2023. The External Auditors for the fiscal year 2024 will be appointed and their remuneration determined. The members of the Board of Directors for the term 2024-2027 will be elected. Lastly, voluntary contributions for the year 2024 not exceeding 0.04% of the net profit of the year 2023 will be considered.

Amlak Finance has released its financial results for 2023, reporting a net group profit of AED 259 million, down from AED 476 million in 2022. Total assets stand at AED 3.2 billion. The company has managed to reduce its debt by AED 531 million through successful debt settlement arrangements, which also yielded a net gain of AED 174 million. Amlak is in advanced negotiations to exit the current Common Term Agreement with financiers. The company's revenue decreased by 18% to AED 452 million, and its operating costs increased by 41% to AED 149 million, largely due to one-off expenses related to the aforementioned negotiations. Amlak has also repaid AED 103 million to financiers and has settled 83% of its Islamic deposit liabilities. Profit distribution to financiers decreased by 15% to AED 61 million.

The audited consolidated financial statements of Amlak Finance PJSC and its subsidiaries, dated 31st December 2023, are awaiting approval from the Central Bank of the UAE and acceptance by shareholders at the Annual General Meeting.

Amlak Finance PJSC has announced the opening of nominations for its Board of Directors. The nomination period will run from Tuesday, March 26, 2024, to Thursday, April 4, 2024. Interested shareholders who meet the specified conditions can nominate themselves by submitting an electronic application to the company. The application form can be downloaded from the company's website. There are seven board member positions available. The nominations will remain open for ten days from the date of the announcement. Nominees must comply with the conditions stipulated in Federal Decree Law No 32 of 2021 and the Chairman of Securities and Commodities Authority's Board of Directors' Decision No. (3/R.M) of 2020. The names of nominees will be posted on the company's website on April 19, 2024.

A meeting for Amlak Finance PJSC is scheduled for Tuesday, 19 March 2024, starting at 3:00 PM. The agenda includes the adoption of the financial statements for the year ended 31 December 2023, calling for the Annual General Meeting, and discussing normal business activities and updates. The authorized signatory for the meeting is Lama Takieddin, the Head of Corporate Governance & Company Secretary.

On March 4, 2024, the Chief Executive Officer of Dubai Financial Market, Mr. Hamed Ahmed Ali, received a communication regarding the cancellation of the General Assembly Meeting of Amlak Finance PJSC which was initially scheduled for March 18, 2024. The company had previously disclosed the meeting on February 22, 2024, to update shareholders on the company's current business affairs. However, after discussions with relevant regulatory authorities, it was decided that the update would instead be provided during the Annual General Assembly Meeting in April 2024. The letter was signed by Lama Takieddin, Head of Corporate Governance and Company Secretary. A copy of the letter was also sent to the Securities & Commodities Authority.

Amlak Finance P.J.S.C held a meeting on Monday, 26th February 2024, which started at 3:00 PM and ended at 5:00 PM. Six board members were present at the meeting, achieving a quorum of 86%. The board discussed normal business-related matters. The meeting was authorized by Lama Takieddin, the Head of Corporate Governance and Company Secretary.

The text is a clarification regarding the approval of proxies to attend the General Meeting. According to clauses 1 and 2 of Article 40 of the Chairman of Authority’s Board of Directors’ Decision no. 3/Chairman of 2020, the general assembly of a company is held at a specified location, and each shareholder has the right to attend and vote equal to their number of shares. Shareholders can delegate someone who is not a board member or company staff to attend on their behalf, but this delegate cannot represent more than 5% of the company's issued capital. The shareholder's signature on the power of attorney must be approved by specific entities, and the proxy must include the contact numbers of the shareholder and a representative of the approving authority.