Amlak Finance PJSC (AMLAK)’s debt was reduced by 4 billion dirhams ($1.1 billion) after the lender sold land and reached agreements with some creditors, Al Bayan reported, citing Sultan Bin Saeed al-Mansouri, the United Arab Emirates’ economy minister.
It will be some time before the company’s shares resume trading as a government committee tries to stabilize the mortgage provider, the newspaper cited al-Mansouri as saying. The government would rather help the company to reorganize its debt than declare it bankrupt, he said.
Amlak Finance’s total liabilities reached 11 billion dirhams at the end of September. Its shares haven’t traded since November 2008.
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