News

Ithmaar Holding to get $300m capital injection

Bahrain-BourseBahrain-based investment company Ithmaar Holding is to get a capital boost of $300 million later this year. In a filing to the Bahrain Stock Exchange (BHB), the firm said that a major shareholder had announced plans to provide the capital in the second half of 2019. Its two major shareholders are Islamic banks Dar Al Maal Al Islami Trust and Islamic Investment Company of the Gulf which hold 26% and 19% stakes respectively. The board of Ithmaar Holding, which is licensed and regulated as a category 1 investment firm in Bahrain and is also listed on Boursa Kuwait and Dubai Financial Market, is also in discussions to recapitalise the firm and to restructure its existing share capital by offsetting accumulated losses against share capital. The scale of the firm’s losses had led to a temporary suspension of trading in its shares, in line with the BHB’s rules on listed companies whose accumulated losses exceed 75% of share capital. According to Ithmaar Holding, which also owns two subsidiaries, an Islamic retail bank and an investment firm IB Capital, the losses are largely due to impairment provisions resulting from non-core investments. ©2019 funds global mena

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