Press releases, Reports & Disclosures for Ithmaar Holding B.S.C

The document is a proxy form for the Annual Ordinary General Meeting of Ithmaar Holding B.S.C. The shareholder is appointing a proxy to represent and vote on their behalf at the meeting, scheduled for March 25, 2024, at The Ritz-Carlton Hotel in Bahrain. If a quorum is not reached, subsequent meetings will be held on April 1 and April 8, 2024. The proxy is authorized to vote on various issues, including the approval of minutes from the previous meeting, the Directors' Report and the Company's financial position, the Sharia Supervisory Board's Report, the External Auditors' Report, and the Company's Consolidated Financial Statements. The proxy will also vote on the Board of Directors' recommendation to transfer losses of USD 9,311,000 for the financial year ending on December 31, 2023, to the accumulated losses.

Ithmaar Holding B.S.C. has announced the appointment of Mr. Juma Hasan Ali Abul as an Executive Director, representing the major shareholder Dar Al-Maal Al-Islami Trust (DMIT), effective 28 February 2024. This appointment follows the resignation of DMIT's previous representative, Mr. Mohammed Bucheeri. Mr. Abul has also been appointed as an Executive Director on the Board of Directors of Ithmaar Holding’s wholly-owned subsidiary, Ithmaar Bank B.S.C. (Closed).

Ithmaar Holding B.S.C. has reported accumulated losses of USD 838.06 million, representing 111% of the company's paid-up capital for Q4 2023. This exceeds the threshold set by 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 comply with certain procedures. Ithmaar's accumulated losses have increased over the years due to various factors, including impairment provisions from non-core investments, the early adoption of FAS30, and the economic impact of Covid-19. However, the company has seen some reduction in losses due to net income attributable to shareholders. The Board of Directors is currently working on initiatives to address the situation, including a potential asset sale and/or restructuring plan to improve the company's capital and strengthen its consolidated equity.

Ithmaar Holding B.S.C. has announced that its Board of Directors approved the Financial Results for the year ended 31 December 2023. The meeting took place on Tuesday, 13 February 2024. The announcement was made to the Bahrain Bourse and the Dubai Financial Market.

The Board of Directors of Ithmaar Holding has announced the resignation of its board member, Mr. Mohammed Bucheeri, due to health reasons. The resignation will be effective from the end of the day on 31st December 2023. Mr. Bucheeri was appointed by a major shareholder, Dar Al-Maal Al-Islami Trust. The board and executive management expressed their appreciation for Mr. Bucheeri's contributions during his tenure. The appointment of a replacement will be disclosed in due course.

Ithmaar Holding B.S.C. has announced that its Board of Directors will review and approve the financial results for the year ended 31 December 2023. The meeting is scheduled to take place on Tuesday 13 February 2024 at 1:00pm. The announcement was made to the Bahrain Bourse and the Dubai Financial Market.

Ithmaar Holding B.S.C. announced that during the Board of Directors meeting held on Monday, 13th November 2023, the financial results for the period ending on 30th September 2023 were approved. The information was communicated to the Bahrain Bourse and the Dubai Financial Market.

The text provides a condensed consolidated interim financial information for Ithmaar Holding B.S.C. as of 30th September 2023.

The document is a disclosure form prepared by Ithmaar Holding B.S.C, in line with the SCA Board of Directors’ Decision No. (32/R.M.) of 2019. It pertains to companies with shares listed on the market and accumulated losses of 20% or more of their paid-up capital. As of Q3 2023, Ithmaar Holding B.S.C's accumulated losses were valued at USD 833.24 million, which is 110% of their paid-up capital. The company's accumulated losses began to increase significantly in 2016, mainly due to impairment provisions from non-core investments. The adoption of FAS30 in 2018 and the economic impact of Covid-19 in 2020 further increased the losses. However, in 2021, the losses decreased by $35.0 million due to net income attributable to shareholders, but increased again in 2022 and 2023 due to net losses attributable to shareholders. The company's board is currently working on initiatives to improve the capital and address the accumulated losses, including asset sale and/or restructuring plans.