Trading in Tamweel shares likely within a month

The Dubai-based mortgage lender Tamweel expects to resume trading on the Dubai Financial Market (DFM) within a month's time, according to its Chairman, Sheikh Khaled bin Zayed bin Saqr Al Nehyan.

The company has decided to request the authorities to allow trading, once it discloses its full audited financial results for 2009. The company has already announced its unaudited results on February 8.

"We are going to submit our request to the authority for resuming trading in the shares. Within a month's time, we expect trading will resume on the stock after we announce our full financial results. We have already submitted our results for approval," Sheikh Khaled told Emirates Business.

The company is awaiting approval from UAE Government for merger with Amlak. The trading in Tamweel and Amlak stocks was suspended on November 23, 2008, following the announcement by the UAE Government about its proposal to merge the two mortgage lenders as part of their restructuring plan.

Since then, there was no trading on Tamweel and Amlak and the last closing prices of both the scrips were Dh0.99 and Dh1.02, respectively.

 

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