Eshraq Investments has completed the acquisition of Goldilocks Investment Company Limited (“Goldilocks”): The following are important updates for Ishraq shareholders:
- Eshraq currently owns 99.25% of the total shares of Goldilocks.
- After obtaining all regulatory approvals, Ishraq has completed reducing the capital from AED 2,325,000,000 to AED 1,435,360,000.
All accumulated losses are amortized. Eshraq also issued 1,385,073,097 new shares (with a nominal value of 1 dirhams) registered in the name of the new shareholders in exchange for their shares in the holding company in accordance with the agreed terms of acquisition.
- The new issued capital of Ishraq is 2,820,433,097 dirhams. The company’s total assets now exceed 3.8 billion dirhams ($1.03 billion).
- The book value of Eshraq share ranges between approximately 0.92 and 0.96 dirhams per share. The book value per share will be recognized in the third quarter of 2022 after the issuance of the financial statements.
At the end of April 2022, Goldilocks (99% owned by Eshraq) has fully exited the shares of GFH Financial Group. Goldilocks does not currently own any shares in GFH Financial Group.
Goldilocks (99% owned by Eshraq) acquired approximately 50% of the shares of Thalassa Investments, a partnership that owns 100% of the shares of Stanford Marine Group and Alliance Marine and Logistics Services. The latter two companies own and operate more than 150 offshore support vessels valued at approximately $400 million. For the first half of 2022, the two companies generated EBITDA of more than $35 million. The group has nearly double the net debt to EBITDA ratio, one of the lowest in the industry.
Goldilocks (99% owned by Eshraq) has signed an agreement to acquire 51% of the shares of NCM, a forex, commodities and index trading company. The acquisition is currently subject to investment regulatory approvals, which are usual for such transactions.
profit distribution
Eshraq is reviewing the dividend policy and expects to submit a revised dividend policy soon with guidance on dividend distribution.
Eshraq received the approval to purchase its shares in the recent general assembly meeting. The company intends to initiate the buyback once all regulatory approvals are obtained soon.