Ithmaar Holding B.S.C. has proposed a recapitalization plan involving a capital reduction to offset accumulated losses and a subsequent rights issue of 386,267,098 new shares at US$ 0.25 per share.
Major shareholder Dar Al-Maal Al-Islami Trust (DMIT) intends to subscribe to the rights issue through a combination of cash and an in-kind contribution of a 100% equity interest in 7972440 Canada Inc., which holds real estate assets in Quebec valued between US$ 40.2 million and US$ 43.9 million.
Professional Independent Adviser RSM has issued an opinion stating the transaction terms are fair and reasonable; approval of this related party resolution is a mandatory condition for the entire recapitalization to proceed.
If the rights issue is subscribed to only by DMIT, its beneficial shareholding will increase from 51.56% to 68.31%, while other shareholders face potential dilution from 48.44% to approximately 31.69%.
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