ABU DHABI, March 24 The shares of indebted
mortgage lender Amlak will resume trading on the Dubai
bourse in the second half of this year, the United Arab
Emirates' economy minister said on Monday.
Trading in shares of Amlak, which is in the process of
restructuring debt that sources put at nearly $2 billion, was
suspended in November 2008 as credit markets dried up and Dubai
real estate prices began a 50 percent fall from their peak.
"Our target is to list the company in the second half of
this year," economy minister Sultan bin Saeed al-Mansouri told
reporters on the sidelines of an event in Abu Dhabi.
Plans to merge with rival Tamweel, shares of which were also
suspended in 2008, failed to materialise and Tamweel was
delisted last year after its parent Dubai Islamic Bank
acquired all of its mortgage affiliate.
Amlak, in which Emaar Properties has a 45 percent
stake, has been in talks with a six-member creditor committee to
address 7 billion dirhams ($1.9 billion) of debt, sources have
"We are progressing well on that one (restructuring). We
have negotiated with creditors, they had their questions about
rates, securities and period of repayment," al-Mansouri said.
"We have a mutual agreement on that and the supreme
committee has to meet to finalise."
Dubai's market has rebounded strongly over the past two
years and the emirate this month successfully refinanced a $20
billion loan given by Abu Dhabi and the UAE central bank.
(Reporting by Stanley Carvalho; Writing by Praveen Menon;
Editing by Matt Smith and David Goodman)