Ithmaar Holding B.S.C

Logotype for Ithmaar Holding B.S.C
Ticker/ISIN
ITHMR
BH000A0J2499
Market/Country
Dubai Financial Market
United Arab Emirates

About Ithmaar Holding B.S.C

Country of Origin: Kingdom of Bahrain

Ithmaar Holding B.S.C. (“Ithmaar Holding or Ithmaar”) is licensed as an investment firm and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse, and Dubai Financial Market. 

The Company’s main activities are to (1) manage its affiliated companies or to participate in the management of other companies in which it has shares, and to provide the necessary support for such companies, (2) offer loans, guarantees and financing to its affiliated companies, (3) invest its funds in shares, bonds and other securities, (4) own real estates and other assets necessary or undertaking Its activities within the limits permitted by law, and (5) own industrial property rights including patents, trade and industrial marks, concession and other Intellectual rights, and to use and lease them to its affiliated companies or to other companies.

Latest Pressrelease Summaries from Ithmaar Holding B.S.C

Ithmaar Holding B.S.C. has announced that its Board of Directors will meet to review and approve the financial results for the period ending 30 June 2025. This meeting is scheduled for Sunday, 3 August 2025, at 2:00 PM. The announcement is addressed to Bahrain Bourse and Dubai Financial Market. Khalid Alabbasi is the authorized signatory for this announcement.
The form is prepared according to the SCA Board of Directors’ Decision No. (32/R.M.) of 2019, which outlines procedures for listed companies with accumulated losses amounting to 20% or more of their paid-up capital. Companies must comply with the decision when losses reach 50% or more. As of May 14, 2025, Ithmaar Holding B.S.C. reported accumulated losses of USD 827.65 million, equating to 109% of its paid-up capital. The losses initially amounted to 68.8% in December 2016, primarily due to impairment provisions from non-core investments during financial crises. In 2018, early adoption of FAS30 led to increased provisions, raising the loss percentage to 98%. The accumulated losses rose by $87.5 million in 2020 due to COVID-19 impacts, decreased by $35 million in 2021 due to net income, increased by $29.9 million in 2022, and by $9.3 million in 2023 due to net losses. In 2024, losses decreased by $9.4 million, and in 2025, by $1 million, both due to net profits attributable to shareholders. The analysis of accumulated losses is required when they exceed 50% of the company's capital.
The document is the condensed consolidated interim financial information for Ithmaar Holding B.S.C. as of March 31, 2025.
Ithmaar Holding B.S.C. announced that its Board of Directors held a meeting on Wednesday, May 14, 2025, at 2 PM, where they approved the financial results for the period ending March 31, 2025. The announcement was directed to the Bahrain Bourse and the Dubai Financial Market.
Ithmaar Holding B.S.C. announced that it has mutually agreed with GFH Financial Group B.S.C. to terminate discussions regarding the acquisition of Ithmaar's financing and investment portfolios. This decision follows preliminary due diligence and discussions, as the requirements for the execution of the acquisition were not met. There is no expected financial impact from this termination.
Ithmaar Holding B.S.C. has announced that its Board of Directors is collaborating with the major shareholder to develop a plan aimed at improving the company's capital position. This plan may involve a capital injection or other measures and is subject to further review and necessary regulatory approvals. Additional details and the expected financial impact will be disclosed in due course.
The ordinary general assembly meeting of Ithmaar Holding B.S.C. took place on Wednesday, March 26, 2025, at 1:30 PM in the Noble Hall of the Westin City Centre Bahrain Hotel, located in the Seef District, Kingdom of Bahrain. Attendees included notable figures such as His Royal Highness Prince Amr bin Mohammed Al Faisal Al Saud, Mr. Juma Hassan Abo, Sheikh Dr. Osama Bahr, Mr. Maysan Faisal Al Muscati, Mr. Thaqib Mahmood Mustafa, Sheikh Dr. Adel Al Marzouqi, Ms. Fatima Abdullah Mufiz, Mr. Ali Ahmed Ali Mohammed, Mr. Mahesh Balasubramaniam, Mr. Hassan Jassim, Ms. Nouf Al Balushi, Mr. Hussein Mohammed, Ms. Zahra Al Mahfoodh, Ms. Rayan Ali, and Mr. Ahmed Salman, who is the Chairman of the Board of Directors. Additional participants included members of the Board of Directors, the Sharia Supervisory Board, the Chief Executive Officer, the Chief Financial Officer, the Head of Execution and Sharia Coordination, the Head of Legal Affairs, Compliance and Anti-Money Laundering, the Company Secretary, representatives from KPMG as external auditors, representatives from the Islamic Financial Institutions Supervision Directorate of the Central Bank of Bahrain, representatives from the Financial Markets Supervision Directorate of the Central Bank of Bahrain, and a representative from the Ministry of Industry and Commerce.
Ithmaar Holding B.S.C. announced the results of its Board of Directors election held during the Ordinary General Meeting on March 26, 2025, in Bahrain. The elected members by shareholder secret ballot are HRH Prince Amr Mohammed Al Faisal Al Saud (Non-Executive), Tunku Yaacob Khyra (Independent), Dr. Amani Khaled Bouresli (Independent), and Ms. Elham Ebrahim Hasan (Independent). Additionally, major shareholders appointed Sheikh Mohamed Abdullah El Khereiji (Non-Executive) and Mr. Juma Hasan Abul (Executive) in accordance with the Commercial Companies Law.

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News Update From Ithmaar Holding B.S.C

Disclosure: Announcement Regarding the Opening of the Nomination for Board Membership

Ithmaar Holding B.S.C. has announced the opening of nominations for four positions on its Board of Directors for a three-year term from 2025 to 2028. The election will take place during the Annual Ordinary General Meeting in March 2025. Two additional board members will be appointed by the major shareholder, as per Bahrain's Commercial Companies Law. Nominees must meet several conditions, including legal capacity, no criminal convictions related to bankruptcy or trust breaches, and compliance with Bahraini law regarding board membership. Candidates for the Chairman or Deputy Chairman positions cannot also be the CEO. Nominees should have industry knowledge and experience, cannot hold directorships in other financial institutions in Bahrain, and may not have more than three directorships in other public companies in Bahrain without conflicts of interest. Applicants must submit a completed Central Bank of Bahrain's Form 3, certified copies of their passport and National ID, a CV, certified academic and professional qualifications, and a list of any competitive activities with the company.

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News Update From Ithmaar Holding B.S.C

Disclosure: Update on the Progress of the Discussions with GFH Financial Group to Acquire Ithmaar’s Financing and Investment Portfolios

Ithmaar Holding B.S.C. has announced ongoing discussions with GFH Financial Group B.S.C. regarding GFH's potential acquisition of Ithmaar's financing and investment portfolios. The negotiations are subject to regulatory approvals, and shareholders will be regularly updated on any further developments.

1. Attached Document

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News Update From Ithmaar Holding B.S.C

Disclosure: BOD meeting

Ithmaar Holding B.S.C. announced that its Board of Directors will review and approve the financial results for the year ending December 31, 2024. This meeting is scheduled for Thursday, February 13, 2025, at 1:00 PM. The announcement is addressed to the Bahrain Bourse and the Dubai Financial Market. The notice is signed by Khalid Ahmed Alabbasi, an authorized signatory.

1. Attached Document

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Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: Update on the Progress of the Discussions with GFH Financial Group to Acquire Ithmaar’s Financing and Investment Portfolios

Ithmaar Holding B.S.C. has announced ongoing discussions with GFH Financial Group B.S.C. regarding the acquisition of Ithmaar's financing and investment portfolios. These negotiations are subject to regulatory approvals, and shareholders will be regularly updated on any further developments.

1. Attached Document

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News Update From Ithmaar Holding B.S.C

Disclosure: Financial statements for the 3rd QTR of 2024

The document is the condensed consolidated interim financial information for Ithmaar Holding B.S.C. as of 30 September 2024.

1. Attached Document

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News Update From Ithmaar Holding B.S.C

Disclosure: Detailed Analysis Accumulated Losses

Ithmaar Holding B.S.C. has prepared this report following the SCA Board of Directors’ Decision No. (32/R.M.) of 2019, which requires companies with accumulated losses of 20% or more of their paid-up capital to disclose this information. Companies must comply with additional provisions when losses reach 50% or more. As of Q3 2024, Ithmaar Holding's accumulated losses amount to USD 837.65 million, equating to 111% of its paid-up capital. The losses, which began appearing in December 2016, were initially due to impairment provisions from non-core investments during financial crises. Subsequent increases were influenced by the adoption of FAS30 in 2018, the economic impact of COVID-19 in 2020, and various net losses and profits in the following years. The Board of Directors is implementing initiatives like asset sales and restructuring plans to improve capital and strengthen the company's equity.

1. Attached Document

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News Update From Ithmaar Holding B.S.C

Disclosure: Results of BOD Meeting

Ithmaar Holding B.S.C. announced that its Board of Directors approved the financial results for the period ending September 30, 2024, during a meeting held on Wednesday, November 13, 2024, at 1 PM.

1. Attached Document

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Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: Update on the Progress of the Discussions with GFH Financial Group to Acquire Ithmaar’s Financing and Investment Portfolios

Ithmaar Holding B.S.C. has announced ongoing discussions with GFH Financial Group B.S.C. regarding GFH's potential acquisition of Ithmaar's financing and investment portfolios. The negotiations are subject to regulatory approvals, and shareholders will be regularly updated on any further developments.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: BOD meeting

Ithmaar Holding B.S.C. announced that its Board of Directors will review and approve the financial results for the period ended 30 September 2024 on Wednesday, 13 November 2024, at 1:00 PM. This announcement is addressed to Bahrain Bourse and Dubai Financial Market.

1. Attached Document

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Dubai Financial Market News

News Update From Ithmaar Holding B.S.C

Disclosure: Clarification from the company

Ithmaar Holding B.S.C. has announced that discussions and negotiations are ongoing with GFH Financial Group B.S.C. regarding GFH's potential acquisition of Ithmaar’s financing and investment portfolios. This acquisition is subject to regulatory approvals. Shareholders will be regularly updated on any further developments.

1. Attached Document