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UGHC maintained total assets at $3bn as of December 31, 2017 with an equity of $541.6m.
Chairman Masaud Hayat said, "2017 has been a landmark year for UGHC and its fully owned subsidiary, UGB.
From profitability perspective, if full-year results of UGB were to be consolidated in UGHC's books, the profits for the year would have amounted to $12.7m (2016: $6.3m) considering UGB's consolidated profits of $8.3m for the nine months ended September 2017, representing more than 100pc increase over the full year results of 2016.
As part of the reorganisation, UGHC will be listed on Bahrain Bourse and UGB will be delisted and converted into a closed shareholding company, once UGHC acquires 100pc shares of UGB.
UGHC is a shareholding company (public), incorporated in Bahrain.
Copies of the following documents will be made available for inspection at the registered office of UGB at UGB Tower, Building 440, Road 1705, Diplomatic Area during office hours for the period for which the offer remains open for acceptance: the Memorandum and Articles of Association of UGB; the annual reports of the UGB for FY 2014, 2015 and FY 2016; the board circular; the notice of call of the EGM; the acceptance form or any other document evidencing an irrevocable commitment or a letter of intent which has been procured by UGHC or UGB (as appropriate) or any of their associates; the confirmation by the expert appointed pursuant to the Article 99 of the Commercial Companies Law of the value of UGB shares to be received in consideration for the subscription and issue of the new shares.
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- UGH syndrome
- Ugine Sejournet process