MANAMA: The Board of Directors are in discussions to recapitalize Ithmaar Holding during 2019 and are reviewing plans that include restructuring the existing share capital by setting off the accumulated losses against the share capital.
Ithmaar Holding has shareholders’ equity of $116 million as at 31 December 2018, a statement issued to Dubai Financial Market (DFM) noted.
In addition, the major shareholder has informed the Board that it is considering injection of new capital of up to $300 million during the second half of 2019. The capital plans are being reviewed and will be announced in due course, following necessary shareholder and regulatory approvals.
Ithmaar Holding is licensed as an investment firm and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse, Boursa Kuwait and Dubai Financial Market.
Ithmaar Holding owns two wholly-owned subsidiaries Ithmaar Bank, an Islamic retail bank subsidiary which holds the core retail banking business, and IB Capital, an investment firm subsidiary, which holds investments and other non-core assets. The two subsidiaries are licensed and regulated by the CBB.[the_ad id=”31605″]