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Threads on regulatory news from companies
A shareholder of Ithmaar Holding B.S.C. is appointing a proxy to represent and vote on their behalf at the company's Annual Ordinary General Meeting scheduled for March 29, 2026, at The Westin City Centre Bahrain Hotel. If the meeting lacks quorum, subsequent meetings are planned for April 5 and April 12, 2026, at the same venue and time. The proxy is authorized to vote on several agenda items, including approving the minutes from the previous meeting, discussing and approving reports from the Directors, Sharia Supervisory Board, and External Auditors, and approving the company's consolidated financial statements for 2025. Additionally, the proxy will vote on the Board of Directors' recommendation to allocate funds to statutory reserves and accumulated losses, pending regulatory approvals.
Islamic Arab Insurance Company (SALAMA) has entered into a subscription agreement with Eshraq Investments, a related party, involving a deal that constitutes 14% of SALAMA's capital. Under this agreement, Eshraq will subscribe to Mandatory Convertible Sukuk (MCS) valued at AED 66,825,000, issued by Amana SPV Ltd, a special purpose vehicle in Abu Dhabi Global Markets. These MCS will be mandatorily exchanged and converted into new SALAMA shares at a conversion price of AED 0.46 per share upon SALAMA's exercise of this right, pending necessary regulatory approvals. The MCS are non-tradable and non-transferable.