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Investment Dar Announces Delays In TID Global Sukuk I Report

04/05/2009 12:49:15 PM GMT   Comments ()     Add a comment     Print     E-mail
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May 2009

The Investment Dar The Investment Dar , as the Reporting Entity in relation to TID Global Sukuk I Limited, announces that the release of its annual report and financial results for the year ended 31 December 2008 has been delayed as a result of additional reporting requirements from the Company's subsidiaries and associates. These requirements are integral to the reporting of The Investment Dar The Investment Dar 's consolidated accounts.

Global economic conditions in the last quarter of 2008 had a significant effect on the financial positions of many companies in comparison with the preceding nine months of the year. An increased level of care and time is therefore being taken, by the management as well as the Company's auditors, to value assets to ensure that their realistic market values are reflected in the financial results for the year ended 31 December 2008.

Amr Abou El Seoud, Senior Executive Vice President, The Investment Dar The Investment Dar , ed, " The Investment Dar The Investment Dar 's portfolio contains over 50 subsidiaries and associates, across a diverse range of sectors and geographies. The Company has to wait for the audits of these subsidiaries and associates to be finalized, in order to provide accurate and transparent consolidated financial results to its shareholders, investors and banks, in line with international financial reporting standards. The Investment Dar The Investment Dar has historically submitted its financial results on time to its regulators."

Amr Abou El Seoud continued, "During the first quarter of the year, The Investment Dar The Investment Dar has focused on two objectives: firstly, to prepare a financial restructuring plan, in consultation with its advisors Credit Suisse, for proposal to its banks and investors; secondly, the production of the financial results of its subsidiaries and associates in order to finalize the audit of TID TID 's consolidated accounts for the year ended 31 December 2008.

The Investment Dar The Investment Dar is making every effort to finalise its full year figures for the year ended 31 December 2008 and will announce the audited figures to the market as soon as possible to ensure shareholders, investors and banks continue to have a clear understanding of the business as part of the Company's proposed restructuring plan. The Company currently plans to be able to release its annual report and financial results for the year ended 31 December 2008 by the end of May, 2009.

The Company will continue to adhere with its continuous disclosure obligations under NASDAQ Dubai Listing Rule 28.

-Ends- For further information: The Investment Dar The Investment Dar Naji A. Soweidan +965 22324045 Financial Dynamics Jon Earl +97339300851 Hugh Barker +971502487620

© Press Release 2009 omar 1.1:zy

Source: AJP
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