Tamweel to seek restart of trading

Tamweel will soon request the Securities and Commodities Authority (SCA) to allow the trading of its shares to resume, according to Chairman Sheikh Khalid bin Zayed Al Nehyan.

In a statement to Alarabiya channel on the sidelines of the Davos summit, Sheikh Khalid said: "Tamweel is studying all alternatives with regards to the merger with Amlak, but it prefers the government's entry into the new entity, which will lead to the consolidation of its status, expansion of its activities and value to shareholders. The best form of government intervention will be through the purchase of shares or the provision of supported loans."

"Tamweel will call on the SCA to allow the firm's shares to be traded again, since shareholders have asked for that given the difficult market conditions," he added.

Sheikh Khalid reiterated that the planned merger with Amlak Finance is going ahead though it has taken some time.

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