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Tamweel shares tumble
- United Arab Emirates: Thursday, November 13 - 2008 at 08:05
Shares of Tamweel, the UAE's second-biggest mortgage provider, fell to their lowest level since the lender's initial public offering after the company was forced to borrow money from the UAE central bank. The state-controlled lender is holding talks with government agencies to find a solution to its funding problems after the cost of financing rose, CFO Gaurav Agarwal told Bloomberg. Tamweel fell 9.4% to Dhs1.26, the lowest since it first sold shares to the public in July 2006. That extended the company's two-day drop to 19%.
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Jeff Florian, Senior ReporterThursday, November 13 - 2008 at 08:05 UAE local time (GMT+4)
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