Amlak Finance has entered into an agreement with a Central Bank of UAE (CBUAE) regulated entity for partial sale of its financing contracts at an initial purchase price of 93 million dirhams ($25 million).
The firm, which is listed on the Dubai Financial Market (DFM), has confirmed the impact of the transaction is estimated to be negative of AED 20 million.
The completion of the sale is subject to approval from CBUAE.
In July, Amlak announced it had settled all dues with financiers, paying the balance amount of AED 898 million ahead of schedule.
(Writing by Bindu Rai, editing by Seban Scaria)
bindu.rai@lseg.com
