By Matt Smith
DUBAI, March 25 (Reuters) - Dubai's Amlak Finance
If shareholders agree, the board will then seek permission from the "concerned authorities" to resume trade and determine a date to do so.
Trading in Amlak, 48 percent owned by Dubai's biggest
developer Emaar Properties
Various officials have previously claimed that trading would
soon resume - in March 2014, the United Arab Emirates' economy
minister said this would occur in the second half of that year.
But the plan now appears more concrete - an item to approve restarting trading is included on the agenda of next month's Amlak's annual shareholder meeting, which was published on Dubai's bourse website on Wednesday.
In March, Amlak reported a 22 percent rise in attributable
net annual profit for 2014 as gains from its debt restructuring
offset write-downs in its property portfolio.
The company signed a $2.7 billion debt and financing
restructuring deal with creditors last November after protracted
Amlak's meeting agenda also proposes paying additional fees to directors "for their special and additional efforts above their normal duties ... to regularise the financial situation of the company".
The shares last traded at 1.02 dirhams ($0.28) on Nov. 20, 2008, having fallen 79 percent in the preceding six months as Dubai's housing crash and the global financial crisis sent related stocks tumbling. ($1 = 3.6729 UAE dirhams)
(Editing by David French) ((firstname.lastname@example.org; 00971506354039; Reuters Messaging: email@example.com))
Keywords: AMLAK FINANCE STOCKS/