Amlak Finance P.J.S.C

The Board of Directors of Amlak Finance PJSC invites shareholders to the Annual General Meeting on Monday, April 21, 2025, at 3:00 pm. The meeting will be held remotely or in person at Kempinski the Boulevard, Downtown Dubai. The agenda includes reviewing and ratifying reports from the Board of Directors, External Auditors, and Internal Sharia Supervisory Committee for the fiscal year ending December 31, 2024. Shareholders will also discuss and approve the company's balance sheet, profit and loss account, and the remuneration of Directors. The Board recommends not distributing dividends based on specified justifications. The meeting will also address absolving the Board and External Auditors from liability for 2024. Special resolutions include considering voluntary contributions for 2025 not exceeding 0.2% of the 2024 net profit and approving the sale of the company’s investments outside the UAE in compliance with UAE Central Bank regulations.

Amlak Finance announced its financial results for the year ending December 31, 2024. The company reported a net profit of AED 52 million, a decrease from AED 259 million in 2023. Total assets stood at AED 2.6 billion. Revenues from financing and investing activities increased by 10% to AED 135 million, while total revenue decreased by 23% to AED 347 million. Operating costs were reduced by 20% to AED 119 million. Amlak successfully reduced financiers' debt exposure by AED 757 million through debt settlement arrangements, resulting in a net gain of AED 45 million. An agreement was reached with six financiers on a repayment plan for an outstanding balance of AED 971 million. The company settled 91% of its Islamic deposit liabilities. In Egypt, the devaluation of the Egyptian Pound affected the financial position, while investments in Saudi Arabia generated an income of AED 9 million.

Amlak Finance PJSC and its subsidiaries have released their consolidated financial statements for the year ending December 31, 2024.

On March 24, 2025, Amlak Finance PJSC held a General Assembly meeting at Kempinski the Boulevard, chaired by Mr. Jamal Hamed Almarri. The meeting, attended by 59.8% of the capital, took place from 1:00 PM to 1:20 PM. During the meeting, it was resolved to appoint KPMG as the external auditors for the company's 2025 financial statements and approve their fees. Additionally, the assembly approved the sale of some of the company’s investment properties in Dubai at Ras Al Khor, authorizing the Board of Directors or their delegates to manage and finalize the sale, including negotiations and agreement on the sale terms. The authorized signatory for this meeting was Lama Takieddin, Head of Governance and Company Secretary.

On March 19, 2025, Amlak Finance P.J.S.C held a board meeting from 3:00 PM to 4:45 PM with all seven board members present, achieving full quorum. The board decided to call for the Annual General Meeting on April 21, 2025, pending approval from the Securities and Commodities Authority. They also discussed routine business matters. The meeting's authorized signatory was Lama Takieddin, Head of Corporate Governance and Company Secretary.

On 18 March 2025, a letter was addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, regarding updates on negotiations with Amlak Finance PJSC's financiers about exiting a Common Terms Agreement for restructuring. Following a previous disclosure on 27 December 2024 about reaching an agreement on a repayment plan, it was confirmed that the governing documents for this agreement have been officially signed. Amlak will proceed with implementing the agreed terms and will keep the market informed of any further developments. The letter was signed by Lama Takieddin, Head of Corporate Governance and Company Secretary, and a copy was sent to the Securities & Commodities Authority.

A meeting for Amlak Finance PJSC is scheduled for Wednesday, 19 March 2025, at 3:00 PM. The agenda includes calling for the Annual General Meeting and discussions on the company's normal business activities and updates. The authorized signatory is Lama Takieddin, who holds the position of Head of Corporate Governance & Company Secretary.

The text provides a clarifying disclosure regarding the approval of proxies to attend a company's general meeting. According to the governance guidelines for joint-stock companies, each shareholder has the right to attend the general assembly and vote according to their shares. Shareholders can delegate someone to attend on their behalf, provided the delegate is not a board member, company employee, or employee of a securities brokerage company. The delegate must have a written proxy explicitly granting them the right to attend and vote, and they cannot represent more than 5% of the company's issued capital. The shareholder's signature on the proxy must be verified by an approved entity, such as a notary public, chamber of commerce, licensed bank, financial market, or any other licensed attestation authority. The proxy must also include the contact information of the shareholder and the representative of the approving authority.

On 18 February 2025, Amlak Finance held a board meeting from 3:00 PM to 5:00 PM, with six board members present, achieving a quorum of 86%. The board decided to call a shareholders' meeting to approve the sale of some of the company's investment properties, including plots in Ras Al Khor, pending regulatory approval. They also authorized the Executive Management to set the meeting date and publish the invitation in coordination with regulatory authorities. Additionally, the board discussed regular business matters. The authorized signatory for the meeting was Lama Takieddin, the Head of Corporate Governance and Company Secretary.

Amlak Finance has scheduled a meeting on Tuesday, February 18, 2025, at 3:00 PM. The agenda includes discussing the possibility of calling a shareholders' meeting to approve the sale of certain investment properties, including plots in Ras Al Khor, and covering normal company activities and updates. The authorized signatory is Lama Takieddin, who serves as the Head of Corporate Governance and Company Secretary.