Takaful Emarat (PSC)

A board meeting for Takaful Emarat Insurance PSC is scheduled to take place on Thursday, 16 January 2025, at 3:30 PM. The meeting will discuss business updates and other matters. The announcement is authorized by Adnan Sabaalaish, the Acting Chief Executive Officer, and was signed on 13 January 2025.

Takaful Emarat Insurance PJSC has announced the completion of its restructuring process, which included a capital increase and the write-off of accumulated losses from previous years. The company now has a strong and stable financial position, which will be reflected in its 2024 financial reports. According to the published quarterly financial statements, the company continues to operate efficiently in line with its strategic plans. Takaful Emarat reaffirms its commitment to disclosing any material information that may affect stock movement, in accordance with UAE regulations. For further inquiries, investors can contact the investor relations department via email at investor.relations@takafulemarat.com.

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.

On December 5, 2024, Takaful Emarat Insurance PSC announced the resignation of Saqr Kamal from its Board of Directors. Kamal, an independent and non-executive member, resigned for personal reasons. The resignation was accepted and became effective on November 22, 2024. The announcement was authorized by Adnan Saba Elaish, the Finance Director, and was documented with the company's seal.

Takaful Emarat Insurance PJSC announced that it has received approval from the Securities and Commodities Authority (SCA) to extend the subscription period for increasing the company's issued share capital by up to AED 185,000,000 through a rights issue at AED 1.00 per new share. Important dates related to this capital increase include the subscription closing date on Friday, December 6, 2024, the date of allocation on Wednesday, December 11, 2024, the refund date on or around Friday, December 13, 2024, and the commencement of trading in the new shares on Monday, December 16, 2024. For further inquiries, investors can contact the investor relations department via the provided email.