- March 12, 2022
- Posted by: Bastion team
- Category: World News
The company successfully concluded the settlement of the arbitration ruling in Amlak’s favour with a net value of approximately Dh875 million including both plots and partial cash instalments to be paid over 24 months.
The company’s debt settlement arrangements, through cash and real estate assets swap, remained successful during the year, and enabled four financiers to fully settle and two financiers to partly settle their exposure during the year ended 31 December 2021.
“In 2021, our debt management initiatives resulted in full settlement of four financiers and gaining AED 465 million. Further, our teams worked closely in concluding successfully the long-running arbitration case in favor of Amlak Finance,” said Arif Albastaki, CEO of Amlak Finance.
Amlak recorded a gain of Dh465 million on debt settlement arrangements and was able to reduce its debt burden by Dh1.13 billion (including Mudaraba instrument of AED 235 million)
As a result of debt settlement arrangements and repayments, the profit distribution to financiers decreased by 12 per cent and stood at Dh87 million for 2021 as compared to Dh99 million for 2020.