Amanat Holdings, the Dubai-listed firm that invests in healthcare and education businesses, plans to move its headquarters to Abu Dhabi and list its shares on the Abu Dhabi Securities Exchange.
A special resolution, added by shareholders owning more than 10 per cent of the company, to move from Dubai to Abu Dhabi was approved at its general assembly meeting, the company said in a statement on Wednesday without specifying any reason for the move.
The decision to move the company's headquarters as well as to list on Abu Dhabi bourse is subject to the approval of the relevant authorities, including the Securities and Commodities Authority, the Dubai Financial Market and the Abu Dhabi Securities Exchange.
“The unprecedented economic headwinds caused by Covid-19 have certainly demanded further measures across all our portfolio companies, operationally and financially, but we operate in two of the most resilient sectors that are well equipped to adapt to the current economic conditions,” Hamad Al Shamsi, Amanat’s chairman, said. “We also have the capital structure, investment acumen and talent to allow us to deliver on our strategy in the current macro-economic climate.”
The company also said its shareholders approved the board of directors’ recommendation to distribute a cash dividend of 2.2 fils per share for the year ended December 2019. The dividend distribution represents a total payout of Dh55 million, marking the fifth consecutive year of dividend distribution by Amanat.
Amanat reported a 40 per cent rise in its full-year net profit in 2019 as its income from investments rose and expenses fell.
Net income for the 12-month period ending December 31 climbed to Dh60m, the company said earlier this year. Total income for the reporting period rose to Dh113.3m, an 8 per cent year-on-year rise.
Last month, the company said it has ended discussions to buy a stake in VPS Healthcare Group, founded by Dr Shamsheer Vayalil who is also the vice-chairman and managing director at Amanat.
"Alongside optimising our portfolio through integration and synergy extraction, we are also committed to driving increased operational efficiency at the Amanat holding level," Mr Vayalil said.
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
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- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
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On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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