|
Dubai: Tamweel said on Thursday it is not under investigation but is aware of reports of an investigation by the Dubai Public Prosecution into potential irregularities by the company's former CEO Adel Al Shirawi and former head of investments Feras Kalthoum.
"Tamweel wishes to advise that, to the best of the company's knowledge, this investigation is currently limited to the two above mentioned former employees of Tamweel, and that there is no investigation into the activities of the company itself," it said in a market statement.
Al Shirawi is a current member of the Tamweel board of directors.
The company wants to "reassure its shareholders and sukuk holders that this investigation has no negative impact on the profitability and operations of the company, and that its activities continue to progress as planned," Tamweel chairman Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan said.
Tamweel said its business continues to register high growth, posting consistently strong financial results. The company recently announced that its net profits in the first half of 2008 were Dh387.3 million, an increase of 259 per cent compared with Dh108.03 million in the first half of 2007.
Tamweel expects second half revenue to be in the range of Dh725 million to Dh810 million. Annual revenue is expected to be in the range of Dh1.4 billion to Dh1.5 billion.
Net profit for the second half is expected to be in range of Dh435 million to Dh455 million, and annual net profit is expected to be in the range of Dh825 million to Dh850 million.
Shaikh Khalid said: "During this period of sustained growth, Tamweel is confident that the outcome of this investigation and the larger initiative of the government of Dubai will lead to greater clarity in the general business procedures of companies operating within the emirate, which will prove beneficial to such companies, their shareholders and the securities markets in general."
However, Tamweel said it cannot provide specific comment on the ongoing investigation.
"If and when required, Tamweel will provide its full and complete cooperation to the authorities conducting this investigation. Tamweel continues to act in the best interest of the country and all stakeholders, and will continue to advise on significant developments as and when they become known to the company," the statement noted.
|
