Eshraq nears completion of Goldilocks Fund acquisition

ABU DHABI: Eshraq Investments (Eshraq), listed on the Abu Dhabi Securities Exchange, announced on Monday that the process of acquiring Goldilocks Fund through the issuance of new shares is nearing completion.

The company is in the process of reducing the share capital from Dhs2.325 billion to Dhs1.427 billion to offset accumulated losses, and is also working on the subsequent capital increase in exchange for the acquisition. This acquisition is expected to enable Eshraq to increase its profitability, improve its share price and position the company for strong business development, while creating tangible and long-term sustainable value for Eshraq shareholders.

Eshraq also announced its condensed consolidated financial results for the six months ended June 30, 2022. On core operations front, the Company’s gross profit from commercial operations was 151.7% higher than in the same period last year.

Eshraq recorded total operating income of Dhs15.6 million, driven by Eshraq’s leasing and hospitalitybusinesses.eshraq’sburjdamanapartments and Nuran Marina Serviced Residences achieved occupancy rates of 99% and 89%, respectively, and Nuran Marina recorded a 70% increase in average room rates (ARR) - all contributed by the company’s proactive and strategic leasing efforts.

Jassim Alseddiqi, Eshraq’s Chairman, said, “We are working diligently to complete the acquisition of the Goldilocks Fund. In line with the mandate given by our shareholders, we have set the wheels in motion to strengthen the company’s financial performance and improve operational efficiency. ”