Amlak Finance, the Sharia-compliant real estate financier, said that it has renegotiated part of its 2014 debt restructuring deal that will help it raise more business following disappointing third-quarter earnings.
The company, based in Dubai, said as part of the changes to the terms that it has also swapped Dh1.3 billion of the original debt to an unspecified convertible instrument that will be fully redeemed by the end of the 12- year period.
“The new business plan will have a positive impact on the company and is designed to strengthen our financial and business viability on a long-term basis,” said Arif Alharmi, managing director and chief executive of Amlak.
“Of course one cannot accurately predict the economy and its fluctuation…
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