Shareholders of Ithmaar Holding, a Bahrain-based holding company, on Sunday (March 8) approved its plan to raise capital, which includes the cancellation of accumulated losses against share capital and issuance of additional share capital by way of rights issue.
The plans were presented to Ithmaar Holding shareholders at an Extraordinary General Meeting (EGM) that was held at Al Dana Hall in Le Méridien City Centre Bahrain and chaired by the Chairman of the Ithmaar Holding Board of Directors, Prince Amr Al Faisal. Other key participants in the EGM included representatives from the Central Bank of Bahrain (CBB), the Ministry of Industry and Commerce (MOIC), the Bahrain Bourse, independent financial advisor, RSM Bahrain, and the Company’s statutory auditors, KPMG.
“The approved initiative marks a key milestone in the transformation of the Group’s operations, in line with the strategic decisions taken by the shareholders,” said Prince Amr. “This initiative will contribute to strengthening the group’s position, enhancing its operational efficiencies and ensure sustainable long-term growth,” he said.
“The new initiative that was proposed by the board and approved by the shareholders, will result in not only offsetting the accumulated losses but will also increase total equity by at least $50 million as committed by the major shareholder,” said Ithmaar Holding Chief Executive Officer, Maysan Almaskati.
“We are confident that the strategic plans of the Group that was undertaken during 2025 and announced in 2026 will mark a fundamental shift in Ithmaar Holding’s financial position by strengthen capital structure, adding value among shareholders and ensure achieving sustainable growth,” he said. -TradeArabia News Service
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