Finance & Capital Market

Ithmaar Holding to delist from Boursa Kuwait

Ithmaar Holding, a Bahrain-based holding company that is licensed and regulated as a Category 1 Investment Firm by the Central Bank of Bahrain (CBB), announced today (Aug 4) plans to voluntarily delist from Boursa Kuwait.
 
Ithmaar, which is also listed on the Bahrain Bourse and Dubai Financial Market (DFM), will maintain its listing on these markets.
 
The announcement, by the Ithmaar Holding chairman Prince Amr Al Faisal, follows the board of directors’ review and approval of the plan, which will be presented to the company’s shareholders for approval at a general meeting later this month. The plans are subject to the approval of relevant authorities in Kuwait and Bahrain, said a statement.
 
“Ithmaar Holding’s plans to voluntarily delist from Boursa Kuwait will have no effect whatsoever on its subsidiary, Ithmaar Bank, or any of its customers or investors. Ithmaar Bank, a Bahrain-based Islamic retail bank, is a separate legal entity from its parent company, Ithmaar Holding. The bank is not listed on any stock exchanges,” it said.
 
In May 2019, Ithmaar Holding reported a net profit of $8.62 million for the three-month period ended March 31, 2019, an increase of 79 percent compared to the net profit of $4.81 million reported for the same period in 2018. The net profit attributable to equity holders for the three-month period  was $7.10 million, an increase of 329 percent compared to the $1.66 million net profit reported for the same period in 2018.  – TradeArabia News Service