ESHRAQ INVESTMENTS P.J.S.C

Eshraq Investments PJSC held a General Assembly Meeting on Tuesday, 31/10/2023 from 11:00 AM to 1:00 PM at the Royal M Hotel in Abu Dhabi and via video & audio conference. The meeting was chaired by board member, Mr. Matar Al Ameri, with Mr. Mohammad Al Bazaieh serving as Rapporteur. Other attendees included a representative of SCA, Mr. Ahmed Al Naqbi, Mr. Firas Anabtawi from Deloitte, and Mr. Moataz Alqadi from First Abu Dhabi Bank. A special resolution to amend Article 19 (a) of the company's articles of association was approved. The amendment reduces the number of Board of Directors from seven to five, elected by the Shareholders’ General Assembly by secret cumulative voting.

Eshraq Investments has reduced its board size from seven to five members and elected Mr. Fahad Abdul Qader Al Qassim and Mr. Jacques E. Fakhoury as new members. The re-composition is in line with the company's strategy to aggressively pursue portfolio growth and diversification. The company also plans to resume its share buyback program to create value for shareholders, leveraging its strong balance sheet to return excess cash. Eshraq aims to grow its investment portfolio, shifting from primarily real estate towards a diversified multi-asset class investment business. The company is also making progress in extracting value from its existing land portfolio and reinvesting in assets with potential for capital appreciation and income generation.

The Board of Directors of Eshraq Investments PJSC is scheduled to have a virtual meeting on Friday, 03/11/2023 at 15:00. The agenda for the meeting includes the election of a Chairman and Vice-Chairman, the appointment of committee members, and discussion of miscellaneous matters. The information was disclosed by Mohammad Al Bazaieh, the Corporate/Board Secretary, to the Disclosure and Compliance Section of the Abu Dhabi Securities Exchange.

Eshraq Investments PJSC has announced that it has received approval from the Abu Dhabi Securities Exchange (ADX) to extend its share buyback program until the date of the Annual General Assembly for the financial year ending December 31, 2023. The company will begin the buyback activity three days after disclosing the Q3 financial statements, in accordance with UAE laws and ADX regulations.