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NMC Healthcare and Dubai Islamic Bank (DIB) have reached an out-of-court settlement to resolve all ongoing and pending litigation between them. The agreement includes a global settlement that addresses disputes arising from NMC Healthcare's previous administration and restructuring process. Under the terms of the settlement, DIB will receive cash and Holdco notes, making it an economic owner of NMC's new holding company, NMC Holdco SPV LTD. All parties will cease current proceedings without any admission of liability. The terms of the deal, including the settlement value, remain confidential.
Dubai Insurance Co. has informed the Dubai Financial Market that Mr. Mazen Dalati has withdrawn his nomination from the company's Board of Directors. The communication was made by Sahem Abdelhaq, the Head of Legal & Compliance at Dubai Insurance Co.
The Resolution No. 334 of 2024 temporarily suspends trading of Abu Dhabi Ship Building Co. shares on the ADX (Abu Dhabi Securities Exchange). This suspension is due to a coinciding Board of Directors meeting on March 21, 2024, at 10:00. Trading will be suspended from 09:00 on the same day until the ADX receives the meeting results. All department heads in ADX are instructed to execute this resolution in their respective fields. The resolution will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was issued on March 19, 2024, and has been approved by the authorized person.
Resolution No. 333 of 2024 addresses the temporary suspension of trading on Fujairah Cement Industries shares due to a coinciding board meeting. According to Article 16 of the Regulations Concerning the Listing of Securities on ADX, trading will be suspended from 09:00 on March 25, 2024, until the meeting results are received by ADX. The resolution mandates all department heads at ADX to execute the suspension in their respective fields and circulate the resolution to the Securities and Commodities Authority, the concerned company, all ADX departments, and all ADX-accredited brokers. The resolution was issued on March 19, 2024.
On 18th March 2024, the Board of Directors of Watania International Holding (PJSC) held a meeting. The board approved the audited financial statements for the financial year ending on 31st December 2023, although the disclosure of these statements is deferred until final approval from the UAE Central Bank. The board also decided to invite the Annual General Assembly to convene, pending approvals from the relevant regulatory authorities. Other routine business matters were discussed. The meeting was authorized by Board Secretary, Nawal Ma’ally.