Arabian Scandinavian Insurance - Takaful

The Arabian Scandinavian Insurance Company (P.L.C) Takaful – ASCANA Insurance (“Sukoon Takaful”), with a paid-up capital of 154,000,000, held its Annual General Assembly Meeting on 29th March 2024. The meeting was held at Sukoon Insurance’s head office in Dubai and virtually via www.smartagm.ae. The shareholders approved the Board of Directors’ Report on the company’s activity and financial position for the fiscal year ended 31/12/2023, the Auditor’s Report for the same fiscal year, the Shariah Supervisory Committee’s Report, and the company’s balance sheet and profit and loss account for the fiscal year ended 31/12/2023.

The Arabian Scandinavian Insurance Company, also known as Sukoon Takaful, had a board of directors meeting on 19th March 2024. The meeting was held at the company's head office in Dubai at 12.15 pm, with some participants joining via video conferencing. The main agenda of the meeting was a general review of the company's business. The company's executive chief officer, Mr. Hamed Ahmad Ali, and the deputy CEO for Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority, Mrs. Maryam Butti Al Suwaidi, were informed about the meeting.

The Arabian Scandinavian Insurance Company (Sukoon Takaful), a UAE-based company with a paid-up capital of 154,000,000, has announced a Board of Directors meeting. The meeting is scheduled for Tuesday, 19th March 2024 at 12:15 pm, at the head office in Dubai, and will be conducted via Teams video conferencing. The agenda of the meeting will include a general review of the company's business. The Executive Chief Officer of the Dubai Financial Market, Mr. Hamed Ahmad Ali, has been informed about this meeting. A copy of the notice has also been sent to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority in Abu Dhabi.

The Arabian Scandinavian Insurance Company (ASCANA) has published a circular to its shareholders regarding an offer made by Sukoon Insurance PJSC to purchase ASCANA shares. This follows an announcement by ASCANA on March 4, 2024. The circular includes recommendations from the Board, the Financial Advisors Al Ramz Corporation, and the Legal Advisors Matouk Bassiouny Ltd.

The text discusses proposed amendments to the basic system of the Arab Scandinavian Insurance Company - Takaful - (Askan for Insurance).

Sukoon Insurance PJSC, based in Dubai, United Arab Emirates, has proposed an offer to acquire up to 6.95% of the issued and paid ordinary shares of Arabian Scandinavian Insurance Company (PLC) – Takaful – ASCANA Insurance. The proposed cash consideration for this acquisition is AED 1.65 per share. The offer document, dated 4 March 2024, advises shareholders to consult a financial advisor licensed by the Securities and Commodities Authority if they are uncertain about any aspect of the offer. The document also includes a disclaimer stating that the Securities and Commodities Authority and the Dubai Financial Market are not responsible for the content of the offer document.

Sukoon Insurance PJSC, a Dubai-based company, has announced its intention to acquire up to 6.95% of the issued and paid-up ordinary shares of Arabian Scandinavian Insurance Company (PLC) – Takaful – ASCANA Insurance. Sukoon is already the key shareholder of ASCANA, holding 93.0432% of its share capital. The company's main shareholder is Mashreq Bank PSC, which owns 65.7637% of Sukoon's share capital. The company is regulated by the Central Bank of the UAE and has a paid-up capital of AED 461,872,125. The directors of Sukoon have taken full responsibility for the accuracy of the information in the notification.

The Arabian Scandinavian Insurance Company (ASACANA Insurance) or Sukoon Takaful released its annual financials for the period 1st January 2023 - 31st December 2023. The company's Takaful revenue was AED 126.58 million in 2023, a slight decrease from AED 128.47 million in 2022. The Takaful service result was AED (70.25) million in 2023, compared to AED (40.97) million in 2022. Net investment income also decreased to AED 4.713 million in 2023 from AED14.316 million in 2022. Total assets and equity as of 31st December 2023 were AED 372.94 million and AED 175.32 million respectively, both lower than the previous year. The company was acquired by Oman Insurance Company PSC during the financial period, which now holds a majority share of 93.04%. The company experienced a net loss of AED (76.53) million for the year.