Ithmaar Holding reported accumulated losses of USD 826.44 million for Q1 2026, representing 109% of its paid-up capital.
The losses primarily stem from impairment provisions on non-core investments dating back to 2016, the adoption of FAS30 accounting standards in 2018, and the economic impact of COVID-19 in 2020.
Shareholders approved a recovery plan on March 8, 2026, involving the cancellation of accumulated losses against share capital and a potential rights issue of up to USD 100 million, both pending regulatory approval.
Other remedial initiatives include recovering financing exposures through collateral sales and developing a formal restructuring plan with external consultants to enhance liquidity and equity.
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