Ithmaar Holding B.S.C

Logotype for Ithmaar Holding B.S.C
Ticker/ISIN
ITHMR
BH000A0J2499
Market/Country
Dubai Financial Market
United Arab Emirates
Latest Stock Price
0.20 AED
2024-10-25

Year to date

-0.05 %

3 months

-0.15 %

6 months

-0.21 %

1 year

-0.11 %

3 years

0.00 %

5 years

0.00 %

Country of Origin: Kingdom of Bahrain

Ithmaar Holding B.S.C. (“Ithmaar Holding or Ithmaar”) is licensed as an investment firm and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse, and Dubai Financial Market. 

The Company’s main activities are to (1) manage its affiliated companies or to participate in the management of other companies in which it has shares, and to provide the necessary support for such companies, (2) offer loans, guarantees and financing to its affiliated companies, (3) invest its funds in shares, bonds and other securities, (4) own real estates and other assets necessary or undertaking Its activities within the limits permitted by law, and (5) own industrial property rights including patents, trade and industrial marks, concession and other Intellectual rights, and to use and lease them to its affiliated companies or to other companies.

Latest Pressrelease Summaries

Ithmaar Holding B.S.C. has announced ongoing discussions with GFH Financial Group B.S.C. regarding GFH's potential acquisition of Ithmaar's financing and investment portfolios. The negotiations are subject to regulatory approvals, and shareholders will be regularly updated on any further developments.
Ithmaar Holding B.S.C. announced that its Board of Directors will review and approve the financial results for the period ended 30 September 2024 on Wednesday, 13 November 2024, at 1:00 PM. This announcement is addressed to Bahrain Bourse and Dubai Financial Market.
Ithmaar Holding B.S.C. has announced that discussions and negotiations are ongoing with GFH Financial Group B.S.C. regarding GFH's potential acquisition of Ithmaar’s financing and investment portfolios. This acquisition is subject to regulatory approvals. Shareholders will be regularly updated on any further developments.
ITHMAAR HOLDING B.S.C. has released its condensed consolidated interim financial information for the period ending on 30 June 2024.
This document has been prepared in accordance with the disclosure requirements of the SCA Board of Directors’ Decision No. (32/R.M.) of 2019, concerning procedures for companies listed on the market with accumulated losses amounting to 20% or more of their paid-up capital. Companies must comply with the decision's provisions when accumulated losses reach 50% or more of their paid-up capital. Date: 13 August 2024 Listed Company: Ithmaar Holding B.S.C. Financial Period: Q2 2024 Value of Accumulated Losses: USD 834.67 million Accumulated Losses to Paid-Up Capital Ratio: 110% The accumulated losses before reorganization were 68.8% in December 2016, mainly due to impairment provisions from non-core investments resulting from financial crises. In 2018, early adoption of FAS30 (AAOIFI equivalent of IFRS9) led to additional impairment provisions, increasing the accumulated losses percentage to 98%. In 2020, accumulated losses rose by $87.5 million due to the economic impact of Covid-19. In 2021, losses decreased by $35.0 million due to net income attributable to shareholders. In 2022, losses increased by $29.9 million due to net losses attributable to shareholders. In 2023, losses increased by $9.3 million for the same reason. In 2024, losses decreased by $3.4 million due to net profit attributable to shareholders. The Board of Directors is currently working on various initiatives to address the accumulated losses, including an asset sale and/or restructuring plan to improve capital and strengthen the company’s consolidated equity.
Ithmaar Holding B.S.C. announced that its Board of Directors held a meeting on Tuesday, August 13, 2024, at 1 PM, during which the financial results for the period ending June 30, 2024, were approved.
Ithmaar Holding B.S.C. has announced that its Board of Directors will review and approve the financial results for the period ended 30 June 2024 on Tuesday, 13 August 2024, at 1:00 PM. This announcement is directed to Bahrain Bourse and Dubai Financial Market.
عقدت شركة الإثمار القابضة ش.م.ب اجتماع الجمعية العامة غير العادية لمساهميها يوم الأربعاء 29 مايو 2024 في قاعة نوبل للاجتماعات بفندق وستين ستي سنتر البحرين. حضر الاجتماع عدد من المساهمين وأعضاء مجلس الإدارة، بالإضافة إلى ممثلين من مصرف البحرين المركزي، وزارة الصناعة والتجارة، بورصة البحرين، ومدققين خارجيين من شركة كي بي إم جي. ترأس الاجتماع صاحب السمو الملكي الأمير عمرو بن محمد الفيصل آل سعود، الذي رحب بالحضور واقترح تعيين السيد علي أحمد محمد كأمين سر الاجتماع، وهو ما وافق عليه الحضور. أكد الرئيس نشر الدعوة وجدول الأعمال بتاريخ 7 مايو 2024 وفقًا لمتطلبات قانون الشركات التجارية رقم (21) لسنة 2001 وتعديلاته.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: Resolutions of General Assembly

The Annual General Meeting (AGM) of Ithmaar Holding B.S.C was held on 25 March 2024. The meeting had a quorum of 51.6% and approved several items on the agenda. These included the approval of the minutes from the previous AGM, the Directors' Report on the company's financial position for 2023, the Sharia Supervisory Board's Report, and the External Auditors' Report. The company's Consolidated Financial Statements for 2023 were also approved. The board recommended transferring the losses of USD 9,311,000 for 2023 to the accumulated losses. Transactions with related parties or major shareholders were reported. The company's compliance with the Central Bank of Bahrain and Bahrain Commercial Companies Law was discussed and approved. The board was discharged from any liability for their duties in 2023. The benefits and remuneration of the Sharia Supervisory Board for 2024 were reviewed and approved. The appointment of Mr. Juma Hasan Ali Abul as a board member and the appointment of the external auditors for 2024 were ratified, subject to approval by the Central Bank of Bahrain.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: Resignation of CEO

Ithmaar Holding B.S.C. has announced the resignation of its Chief Executive Officer, Mr. Abdulla Abdulaziz Taleb, effective from 14 April 2024. Mr. Taleb is also stepping down from his role as CEO of Ithmaar Holding’s wholly-owned subsidiaries, Ithmaar Bank B.S.C. and IB Capital B.S.C. The board and executive management of Ithmaar Group expressed their gratitude for Mr. Taleb's contributions during his tenure.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: Integrated report for the year 2023

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: Notification from the company

Ithmaar Holding B.S.C has announced that they are in discussions with GFH Financial Group B.S.C for the latter to acquire Ithmaar’s financing and investment portfolios. The discussions are subject to due diligence and regulatory approvals, and shareholders will be informed of any further developments. The impact on the financial position is to be assessed based on the findings of the due diligence exercise. There were no previous relevant disclosures.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: Invitation of General Assembly

The Board of Directors of Ithmaar Holding B.S.C. has invited its shareholders to attend the Annual Ordinary General Meeting on 25 March 2024. If quorum is not met, additional meetings are scheduled for 1 April and 8 April 2024. The agenda includes approval of minutes from the previous meeting, review of the Company's financial position and business, reports from the Sharia Supervisory Board and External Auditors, and approval of the Consolidated Financial Statements. The Board also recommends transferring losses from the financial year ended 31 December 2023 to the accumulated losses. Other points of discussion include transactions with related parties, the company's corporate governance, and discharging the Board of Directors from liability for their duties performed during the financial year ended 31 December 2023.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: PROXY TO ATTEND THE ANNUAL ORDINARY GENERAL MEETING

The document is a proxy form for the Annual Ordinary General Meeting of Ithmaar Holding B.S.C. The shareholder is appointing a proxy to represent and vote on their behalf at the meeting, scheduled for March 25, 2024, at The Ritz-Carlton Hotel in Bahrain. If a quorum is not reached, subsequent meetings will be held on April 1 and April 8, 2024. The proxy is authorized to vote on various issues, including the approval of minutes from the previous meeting, the Directors' Report and the Company's financial position, the Sharia Supervisory Board's Report, the External Auditors' Report, and the Company's Consolidated Financial Statements. The proxy will also vote on the Board of Directors' recommendation to transfer losses of USD 9,311,000 for the financial year ending on December 31, 2023, to the accumulated losses.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: Appointment of a BOD member

Ithmaar Holding B.S.C. has announced the appointment of Mr. Juma Hasan Ali Abul as an Executive Director, representing the major shareholder Dar Al-Maal Al-Islami Trust (DMIT), effective 28 February 2024. This appointment follows the resignation of DMIT's previous representative, Mr. Mohammed Bucheeri. Mr. Abul has also been appointed as an Executive Director on the Board of Directors of Ithmaar Holding’s wholly-owned subsidiary, Ithmaar Bank B.S.C. (Closed).

1. Attached Document

DFM News

DFM News

News Update From Ithmaar Holding B.S.C

Disclosure: Detailed analysis of the accumulated losses

Ithmaar Holding B.S.C. has reported accumulated losses of USD 838.06 million, representing 111% of the company's paid-up capital for Q4 2023. This exceeds the threshold set by the SCA Board of Directors' Decision No. 32/R.M. of 2019, which requires companies with accumulated losses of 20% or more of their paid-up capital to comply with certain procedures. Ithmaar's accumulated losses have increased over the years due to various factors, including impairment provisions from non-core investments, the early adoption of FAS30, and the economic impact of Covid-19. However, the company has seen some reduction in losses due to net income attributable to shareholders. The Board of Directors is currently working on initiatives to address the situation, including a potential asset sale and/or restructuring plan to improve the company's capital and strengthen its consolidated equity.

1. Attached Document

DFM News

DFM News

News Update From Ithmaar Holding B.S.C

Disclosure: Financial statements for the year of 2023

1. Attached Document

DFM News

DFM News

News Update From Ithmaar Holding B.S.C

Disclosure: Results of BOD meeting

Ithmaar Holding B.S.C. has announced that its Board of Directors approved the Financial Results for the year ended 31 December 2023. The meeting took place on Tuesday, 13 February 2024. The announcement was made to the Bahrain Bourse and the Dubai Financial Market.

1. Attached Document