MANAMA: Voluntary delisting of Bahrain-based Ithmaar Holding from Boursa Kuwait, while maintaining its listing on the Bahrain Bourse and DFM, has been approved by shareholders.
The approval yesterday came about during a general meeting chaired by Ithmaar Holding non-executive board member Elham Hassan, who is also chairwoman of the audit, governance and risk management committee.
Ithmaar Holding’s plans to voluntarily delist from Boursa Kuwait will have no effect whatsoever on its subsidiary, Ithmaar Bank or any of its customers or investors.
Ithmaar Bank, a Bahrain-based Islamic retail bank, is a separate legal entity from its parent company, Ithmaar Holding. The bank is not listed on any stock exchanges.
This step, which was announced earlier this month is subject to the approval of relevant authorities in Kuwait and Bahrain.
Ithmaar Holding has just reported a net profit of $13.03 million for the six-month period ended June 2019, a 20.4 per cent increase compared with $10.82m reported for the same period in 2018.
Net profit attributable to equity holders was $8.37m, a 72.5pc increase compared with $4.85m reported for the same period in 2018.
Total income was $246.66m, a 7.5pc increase compared with $229.34m reported for the same period in 2018.
Earnings per share increased to 0.29 cents compared with 0.17 cents for the same period in 2018.
Ithmaar Holding is licensed and regulated as a category 1 investment firm by Central Bank of Bahrain.
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