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Ithmaar Holding B.S.C Regulatory Filings 2021
66396_rns_2021-02-21_11670dd9-a77b-46c1-aef9-ced4a61a071a.pdf
Regulatory Filings
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| Date: | 18 February 2021 |
|---|---|
| Listed Company Name: | Ithmaar Holding B.S.C. |
| Define the period of the financial statements | Annual Financial information 2020 |
| Accumulated losses: | USD 833.8 million |
| Accumulated losses to capital ratio: | 110% |
| The main reasons leading to these | The accumulated losses before reorganization amounted to |
| accumulated losses and their history: | 68.8% in December 2016. These represent mainly impairment |
| provisions resulting from non-core investments as a result of | |
| financial crises. | |
| During 2018, the Company early adopted FAS30 (AAOIFI | |
| equivalent of IFRS9) which resulted in additional impairment | |
| provisions and consequently increased the accumulated losses | |
| percentage to 98%. | |
| During 2020, the accumulated losses increased by \$87.5 million | |
| mainly due to impact of Covid-19. | |
| Measures to be taken to address accumulated | The Board of Directors is currently working on various |
| losses: | initiatives as follows: |
| 1. Proposed acquisition by BBK of Ithmaar Bank Bahrain | |
| operations: Ithmaar Holding and The Bank of Bahrain and | |
| Kuwait (BBK) signed during September 2020 a Memorandum | |
| of Understanding (MoU) on the potential acquisition by BBK of | |
| Ithmaar Bank's Bahrain operations as well as specific assets of IB | |
| Capital, a wholly-owned subsidiary of Ithmaar Holding. The | |
| plans, which are subject to the completion of due diligence by | |
| both parties, will also require shareholder and regulatory | |
| approvals. | |
| 2. Asset Sale and/or Restructuring Plan: Furthermore, | |
| Ithmaar's Board of Directors is currently working on various | |
| initiatives to improve the capital base, which will strengthen | |
| Ithmaar's equity, including sale and/or restructuring of non-core | |
| assets, subject to further review, negotiations and necessary | |
| Riversed N | regulatory approvals. |
| Authorized to signatory |
Detailed analysis of accumulated losses
المستخدمة المستخدمة المستخدمة بن المستخدمة السيف، ضاحية السيف، مملكة البحرين هاتف: ١٧٠٨٤٠١٧ × ١٧٥٨٤٠١٧ مستخدمة
شركة الإثمار القابضة ش.م.ب.، ص.ب. ٢٨٢٠، برج السيف، ضاحية السيف، مملكة البحرين هاتف: ٩٧٣١٧٥٨٤٠١٧ × ٩٧٧٩ / ٩٧٧٩ المسبح المسبح المسبح المسبح المسبح المسبح المسبح المسبح المسبح المسبح المسبح المسبح المسبح المسبح المسبح المسبح
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