Amlak Finance PJSC, a leading specialised real estate financier in the Middle East, Monday announced that it has redeemed an additional AED100 million of the Mudaraba Instrument in November 2017, reaching AED309 million in total. This represents 21 percent of the Mudaraba Instrument.

Amlak’s restructuring proposal allowed financiers to swap AED1.3 billion of their original facilities to a convertible Mudaraba instrument. The instrument is fully convertible into company shares, if not redeemed, by the end of the 12th year of the restructuring period from monetisation of Amlak’s real estate assets value growth.

Commenting on the achievements, Arif Alharmi, Managing Director and CEO of Amlak, said "We are pleased that, despite certain headwinds, we have successfully paid 21 percent of the Mudaraba Instrument. Going forward, we seek to remain committed and on track in our commitments to financiers."

Source: Wam