Amlak Finance PJSC Holds Annual General Meeting: A Dive Into Their Financial Health
Amlak Finance P.J.S.C, a leading Islamic finance company based in the UAE, is set to hold its Annual General Meeting on 23 April 2024. This article will delve into the key points of the meeting's agenda and the company's recent financial performance.
Summary
Amlak Finance PJSC's upcoming Annual General Meeting will discuss a variety of topics including the company's financial position, activities, and balance sheet. Despite the Board of Directors' recommendation to not distribute dividends, the company's market cap stands at a robust 1,162,500,000 and its yields have shown stability over the past months.
Amlak Finance P.J.S.C, a well-established Islamic finance company in the UAE, is gearing up for its Annual General Meeting (AGM) to be held on 23 April 2024. The meeting's agenda is packed with significant points for discussion, including the company's financial position, activities, and balance sheet for the fiscal year ended 31 December 2023.
The company's recent yields have shown stability, with a 3-month yield of 0.04% and a 1-month yield of 0.05%. Despite the Board of Directors' recommendation to not distribute dividends this year, Amlak Finance PJSC's market cap remains strong at 1,162,500,000, indicating a solid financial position.
Other key points on the AGM agenda include the absolution of the Board of Directors and the External Auditors from liability for the year ending 31 December 2023, the appointment of the External Auditors for the fiscal year 2024, and the election of the Board of Directors for the term 2024-2027. The meeting will also discuss voluntary contributions for the year 2024 not exceeding 0.04% of the net profit of the year 2023.
Given the company's stable financial performance, potential investors may consider this a safe bet. Despite the lack of dividends, the company's market cap and steady yields suggest a strong financial position, providing a sense of security for investors. However, as always, potential investors should conduct their due diligence and consider their financial goals and risk tolerance before making any investment decisions.
Source
Summary
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.
Summary
The text provides clarifying disclosure 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 of 2020, the general assembly of a company is held at a specified location and each shareholder has the right to attend and vote. A shareholder may delegate someone who is not a board member or company staff to attend and vote on his behalf. This delegate must not represent more than 5% of the company's issued capital. The shareholder's signature on the power of attorney must be approved by a specified entity such as a notary public, a chamber of commerce, a licensed bank or company in the UAE, licensed financial markets in the state, or any other entity licensed to perform attestation works. The proxy must include the contact numbers of the shareholder and the representative of the authority that approved the proxy.
