ESHRAQ INVESTMENTS P.J.S.C

The text is a review report and condensed consolidated financial information for Eshraq Investments PJSC. It covers the financial performance and activities of the company for the nine-month period ending on 30th September 2023.

The Board of Directors of Eshraq Investments PJSC held their 11th meeting of 2023 on November 9, with 80% quorum achieved as four out of five board members were present. The board reviewed and approved the condensed consolidated interim financial information for Q3 2023, ending on September 30. The chairman was also authorized to sign them. Additionally, decisions related to internal administrative and organizational matters were made. The details of these decisions were not disclosed in the document.

Resolution No. (237) of 2023 temporarily suspends trading of ESHRAQ INVESTMENTS P.J.S.C shares on ADX due to a board meeting at 12:00 on 9-Nov-2023, which coincides with the trading session. Trading will be suspended from 09:30 on 9-Nov-2023 until ADX receives the meeting results. The resolution instructs all heads of departments in ADX to implement this in their respective fields. It will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorized person and issued on 07/11/2023.

On 03/11/2023, the Abu Dhabi Securities Exchange received a disclosure from Eshraq Investments PJSC regarding the results of their Board of Directors' Meeting No. 10 of 2023. The meeting, which achieved a 100% quorum, saw the election of Mr. Fahad Abdulqader Alqassim as Chairman and Mr. Matar Hamdan Al Ameri as Vice-Chairman of the Board of Directors. The members of the Committees of the Board of Directors were also appointed, and decisions concerning internal administrative and organizational matters were approved.

Eshraq Investments PJSC held a General Assembly Meeting on Tuesday, 31/10/2023, from 11:00 AM to 1:00 PM at the Royal M hotel in Abu Dhabi. The meeting was also accessible via video and audio conference. The meeting was chaired by board member Mr. Matar Al Ameri, with Mr. Mohammad Al Bazai acting as Rapporteur. Representatives from SCA, the company's auditors Deloitte, and First Abu Dhabi Bank also attended. The assembly approved a Special Resolution to amend article 19 (a) of the company's articles of association, reducing the number of Board of Directors from seven to five, elected by the Shareholders’ General Assembly by secret cumulative voting.

Eshraq Investments PJSC held a General Assembly Meeting on Tuesday, 31/10/2023 from 11:00 AM to 1:00 PM at the Royal M Hotel in Abu Dhabi and via video & audio conference. The meeting was chaired by board member, Mr. Matar Al Ameri, with Mr. Mohammad Al Bazaieh serving as Rapporteur. Other attendees included a representative of SCA, Mr. Ahmed Al Naqbi, Mr. Firas Anabtawi from Deloitte, and Mr. Moataz Alqadi from First Abu Dhabi Bank. A special resolution to amend Article 19 (a) of the company's articles of association was approved. The amendment reduces the number of Board of Directors from seven to five, elected by the Shareholders’ General Assembly by secret cumulative voting.

Eshraq Investments has reduced its board size from seven to five members and elected Mr. Fahad Abdul Qader Al Qassim and Mr. Jacques E. Fakhoury as new members. The re-composition is in line with the company's strategy to aggressively pursue portfolio growth and diversification. The company also plans to resume its share buyback program to create value for shareholders, leveraging its strong balance sheet to return excess cash. Eshraq aims to grow its investment portfolio, shifting from primarily real estate towards a diversified multi-asset class investment business. The company is also making progress in extracting value from its existing land portfolio and reinvesting in assets with potential for capital appreciation and income generation.

The Board of Directors of Eshraq Investments PJSC is scheduled to have a virtual meeting on Friday, 03/11/2023 at 15:00. The agenda for the meeting includes the election of a Chairman and Vice-Chairman, the appointment of committee members, and discussion of miscellaneous matters. The information was disclosed by Mohammad Al Bazaieh, the Corporate/Board Secretary, to the Disclosure and Compliance Section of the Abu Dhabi Securities Exchange.

Eshraq Investments PJSC has announced that it has received approval from the Abu Dhabi Securities Exchange (ADX) to extend its share buyback program until the date of the Annual General Assembly for the financial year ending December 31, 2023. The company will begin the buyback activity three days after disclosing the Q3 financial statements, in accordance with UAE laws and ADX regulations.