https://adgully.me/post/536/eshraq-investments-in-the-last-stages-to-acquire-goldilocks-fund

Eshraq Investments in the last stages to acquire Goldilocks Fund

Eshraq Investments, based in Abu Dhabi, claimed that Goldilocks Fund's full acquisition was almost complete.In order to offset accumulated losses, the company is currently decreasing its share capital from AED2.325 billion to AED1.427 billion. It is also working on a capital increase that will come after the acquisition to pay for it.According to a statement from the firm, this acquisition should help Eshraq, which is listed on the Abu Dhabi Securities Exchange, to enhance its profitability."We are vigorously pursuing the purchase of the Goldilocks Fund. The company's financial performance will be strengthened, and operational efficiency will be increased, according to the shareholders' directive”, said Eshraq chairman Jassim Alseddiqi.He added "We are hopeful that this acquisition will spur on future growth prospects and produce lasting value for our shareholders. In the upcoming weeks, we look forward to giving the shareholders additional updates”.The transaction, which was first announced in March, is anticipated to increase Eshraq's assets to more than AED3.8 billion.The company, which is listed on the Abu Dhabi Stock Exchange, also disclosed its condensed consolidated financial results, reporting a 151.7 percent increase in gross profit for the six months ending June 30.In terms of core operations, the business's gross profit from commercial operations increased by 151.7 percent compared to the same period previous year. The higher profit from its public stocks portfolio the previous year, however, caused its net profit of AED7.29 million to decline by 59% year over year.The transaction, which was first announced in March, is anticipated to increase Eshraq's assets to more than AED3.8 billion.The leasing and hotel industries contributed to the company's overall operating income of AED15.6 million. The occupancy rates at the Nuran Marina Serviced Residences and Daman Apartments in Eshraq were respectively 99% and 89%. The company's aggressive and smart leasing initiatives helped Nuran Marina post a 70% increase in average room rates (ARR).In the second quarter, Marina Rise, Eshraq's first mixed-use development on Reem Island, attained 98 percent occupancy, boosting recurrent income and capitalising on its land bank.For its land plots in Abu Dhabi, Reem Island and Jumeirah Village Circle, Dubai, the company is looking at additional development opportunities, including joint venture opportunities.