Takaful Emarat Boosts Capital with AED 185M Rights Issue
Takaful Emarat successfully raises AED 185 million through a rights issue, setting the stage for future growth and innovation in the Takaful insurance sector.
Summary
Takaful Emarat has completed a capital increase of AED 185 million through a rights issue, strengthening its financial position and preparing for future expansion.
Takaful Emarat, a leading Takaful insurance provider in the United Arab Emirates, has announced the successful completion of a capital increase, raising AED 185 million through a rights issue. This strategic move elevates the company's total capital to AED 210,652,000, underscoring the confidence and trust of its shareholders and the broader market in the company's management and strategic direction.
The rights issue, offered to existing investors, was facilitated by the expertise of IBRAHIM .N. PARTNERS, ensuring a seamless execution. First Abu Dhabi Bank PJSC played a pivotal role as the lead manager and lead receiving bank, effectively managing the transaction. The company also expressed its appreciation to the Central Bank of the UAE, the Securities and Commodities Authority (SCA), and the Dubai Financial Market (DFM) for their oversight and support.
Earlier this year, Takaful Emarat's Board of Directors took decisive measures to write off accumulated losses, laying a foundation for sustainable growth. This capital increase marks a new chapter for the company, characterized by operational improvements, transparency, and a commitment to delivering exceptional value to shareholders and customers.
With a reinforced capital base, Takaful Emarat is well-positioned to seize new opportunities, expand its market presence, and drive innovation within the Takaful insurance sector. This achievement not only reflects the company's evolution but also highlights the strength and stability of the UAE's financial and economic ecosystem.
Looking ahead, the management team is dedicated to exceeding the expectations of investors, stakeholders, and customers. The positive impact of these strategic initiatives is expected to be reflected in upcoming financial reports, showcasing the company's improved performance and strengthened market position.
Given the successful capital increase and strategic initiatives, investors may consider holding their positions in Takaful Emarat as the company appears poised for growth and innovation in the Takaful insurance sector.
Source
Summary
Takaful Emarat – Insurance PJSC has successfully completed a capital increase of AED 185 million through a rights issue offered to existing investors, raising the company's total capital to AED 210,652,000. This achievement reflects the trust and confidence of shareholders and the market in the company's management and strategic direction. The company acknowledged the support of stakeholders, including IBRAHIM .N. PARTNERS, First Abu Dhabi Bank PJSC, the Central Bank of the UAE, the Securities and Commodities Authority, and the Dubai Financial Market, for their roles in facilitating the transaction. Earlier in the year, Takaful Emarat's Board of Directors took measures to write off accumulated losses, setting the stage for sustainable growth. The company is committed to operational improvements, transparency, and adding value for shareholders and customers, with positive impacts expected in future financial reports. With a strengthened capital base, Takaful Emarat is positioned to expand its market presence and innovate within the Takaful insurance sector. The company expressed gratitude to the UAE government for its supportive business environment, contributing to its growth and success.
