Ithmaar Holding B.S.C. Announces Extraordinary General Meeting: A Strategic Move Towards Asset and Liability Sale

Ithmaar Holding B.S.C., a leading investment firm in the Kingdom of Bahrain, has announced an Extraordinary General Meeting scheduled for May 2024. The meeting is set to discuss a proposed asset and liability sale, marking a significant event in the company's financial journey.

Ithmaar Holding B.S.C. Announces Extraordinary General Meeting: A Strategic Move Towards Asset and Liability Sale

Summary

Ithmaar Holding B.S.C. is set to hold an Extraordinary General Meeting on 28 May 2024 to discuss a proposed asset and liability sale. The sale involves assets valued between USD 695 million and USD 715 million and liabilities between USD 665 million and USD 695 million.

Ithmaar Holding B.S.C., a leading investment firm in the Kingdom of Bahrain, has announced an Extraordinary General Meeting scheduled for 28 May 2024, with additional meetings planned for the following two days if a quorum is not reached. This meeting is a significant event in the company's financial journey, with the agenda including approving the minutes of the previous year's meeting, discussing a proposed asset and liability sale, and authorizing the Board of Directors to finalize the sale.

The proposed sale involves assets valued between USD 695 million and USD 715 million and liabilities between USD 665 million and USD 695 million. These assets and liabilities are set to be transferred to GFH Financial Group B.S.C. or another entity agreed with GFH. This move could potentially streamline the company's operations and improve its financial position.

With a market cap of over 600 million and a positive yield trend over the past three months, Ithmaar Holding B.S.C. is showing promising signs of growth and stability. The company's main activities, including managing its affiliated companies, offering loans, guarantees and financing to its affiliated companies, investing in shares, bonds and other securities, owning real estates and other assets, and owning industrial property rights, have positioned it well in the market.

In light of the upcoming Extraordinary General Meeting and the proposed asset and liability sale, the future of Ithmaar Holding B.S.C. looks optimistic. The company has demonstrated its capability to make strategic decisions that could potentially enhance its financial position and deliver value to its shareholders.

Considering these factors, it would be advisable for investors to hold their shares in Ithmaar Holding B.S.C. The company's strategic moves and its positive financial trends suggest that it could offer good returns in the future.

Source

Extraordinary General Meeting

Summary

Ithmaar Holding B.S.C. has announced an Extraordinary General Meeting on 28 May 2024, with additional meetings planned for the following two days if a quorum is not reached. The agenda includes approving the minutes of the previous year's meeting, discussing a proposed asset and liability sale, and authorizing the Board of Directors to finalize the sale. The sale involves assets valued between USD 695 million and USD 715 million and liabilities between USD 665 million and USD 695 million, to be transferred to GFH Financial Group B.S.C. or another entity agreed with GFH. All shareholders are invited to attend, with voting rights proportional to their share ownership. Shareholders may appoint a proxy to attend on their behalf, excluding certain company officials.

Extraordinary General Meeting

Summary

The Extraordinary General Meeting (EGM) of Ithmaar Holding B.S.C. will discuss and potentially approve the proposed sale and transfer of certain assets and liabilities to GFH Financial Group B.S.C. or other agreed entities. The assets and liabilities are valued between USD 695 million to USD 715 million and USD 665 million to USD 695 million respectively, as of 31 March 2024. The transaction includes the transfer of various real estate assets and shareholdings of Ithmaar Holding, Ithmaar Bank, and IB Capital. The transaction is subject to definitive agreements, shareholders' approval, and regulatory approvals. The effective date of the transaction is proposed to be 1 April 2024.

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