Sukoon Insurance PJSC

The text provides a review report and condensed consolidated interim financial information for SUKOON INSURANCE P.J.S.C. and its subsidiaries. The report covers the three-month period ending on 31st March 2024. This company was formerly known as OMAN INSURANCE COMPANY P.S.C.

Sukoon Insurance PJSC has informed the Dubai Financial Market that its Board of Directors passed a resolution on 7th May 2024. The resolution approved the Financial Statements for Quarter 1 2024 and the appointment of Mohammed Abdel Razek as the Vice Chairman of the Board, subject to UAE Central Bank Director Approval. The information was communicated by Louise O'Donnell, Head of Strategy, Intl. Op, Legal & Compliance at Sukoon Insurance.

Sukoon Insurance PJSC, based in Dubai, UAE, has informed the Dubai Financial Market that its Board of Directors will pass a resolution by Circulation on Tuesday, 7th May at 10:00 am. The resolution will be regarding the approval of the Financial Statements for Quarter 1 of 2024. The notification is addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of the Dubai Financial Market, and copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance PJSC has announced that Mr. Ali Rashed Lootah has resigned from his position as a board member, effective from 25/03/2024. The board has appointed Mr. Mohamed Salah Abdel Hamid Abdel Razek as a new board member, subject to approval from the Central Bank. The notification was signed by Louise O’Donnell, EVP-Head of Strategy, International Operations, Legal and Compliance.

Sukoon Insurance PJSC has notified the Dubai Financial Market about the acceptance results of its offer to buy shares from the Arabian Scandinavian Insurance Company (P.S.C) – Takaful – Ascana Insurance (ASCANA). The offer period ended on April 1, 2024, and Sukoon now holds 93.0432% of ASCANA's share capital. Sukoon received acceptances for 2,411,030 shares, which represent 1.5656% of ASCANA's shares. The process of paying the proceeds of the offer to ASCANA shareholders will begin on or before April 5, 2024.

Sukoon Insurance PJSC held a board meeting on 19th March 2024. The meeting took place at 10:00 am at the company's head office in Dubai and was conducted via Teams video conferencing. The board discussed the company's business, and reviewed and approved the compliance policies and the Central Bank of UAE's underwriting and pricing reports. The meeting was attended by the Executive Chief Officer of Dubai Financial Market, Mr. Hamed Ahmad Ali, and Louise O'Donnell, the EVP-Head of Strategy, International Operations, Legal and Compliance.

Sukoon Insurance PJSC has announced a board meeting scheduled for Tuesday, 19th March 2024 at 10:00 am. The meeting will be held at the company's head office in Dubai and through 'Teams' video conferencing. The agenda for the meeting includes a general review of the company's business, review and approval of compliance policies and procedures, and review and approval of the Central Bank of the UAE's underwriting & pricing reports. The notice was addressed to Mr. Hamed Ahmad Ali, Executive Chief Officer of Dubai Financial Market, and copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority in Abu Dhabi.

Sukoon Insurance PJSC, based in Dubai, United Arab Emirates, has proposed 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. This offer is detailed in an Offer Document, dated 4th March 2024, which is recommended to be reviewed with a financial advisor licensed by the Securities and Commodities Authority. The Securities and Commodities Authority and the Dubai Financial Market have issued a disclaimer stating they are not liable for the content of the Offer Document.

Sukoon Insurance PJSC, a Dubai-based company, has expressed its firm 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 currently the key shareholder of ASCANA, holding 93.0432% of its shares. The company's intention to make an offer was communicated to ASCANA's board of directors on 4 March 2024. Mashreq Bank PSC is the key shareholder of Sukoon, owning 65.7637% of its share capital.

Sukoon Insurance PJSC held its Annual General Assembly Meeting on February 29, 2024. The meeting, which took place at the company's head office and online, discussed and approved several items. These included the Board of Directors' report on the company's activity and financial position for the fiscal year ending 31/12/2023, the Auditor's report for the same period, and the company's balance sheet and profit and loss account. The assembly approved a 20% cash dividend distribution of the share capital, amounting to AED 92,374,425, and the remuneration of the Board Members amounting to AED 1,950,000 for the fiscal year 2023. The liability of the company's Board members and auditors for the financial year ending 31/12/2023 was discharged. Deloitte was appointed as External Auditors for the fiscal year 2024 with a fee of AED 1,458,450.