Press releases, Reports & Disclosures for Takaful Emarat (PSC)

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.

The Board of Directors meeting for Takaful Emarat Insurance PSC took place on Wednesday, 13 November 2024, from 4:00 PM to 4:30 PM. Four board members were present, achieving a quorum of 57%. During the meeting, the board approved the company's unaudited financial statements for the nine-month period ending 30 September 2024 and discussed other matters. The meeting's decisions were documented and signed by Mohammed Abu Quora, the Chief Executive Officer, on 14 November 2024.

The text is a formal announcement about a board meeting for Takaful Emarat Insurance PSC, scheduled for Wednesday, November 13, 2024, at 4:00 PM. The meeting will focus on reviewing and approving the company's unaudited interim condensed consolidated financial statements for the third quarter ending September 30, 2024, as well as discussing business updates and other matters. The document is signed by Mohammed Abu Quora, the Chief Executive Officer, and includes the company's seal.

Takaful Emarat Insurance has announced an adjustment in its share price on the Dubai Financial Market (DFM) following an increase in the company's issued share capital by up to AED 185,000,000 through a rights issue at AED 1.00 per new share. This adjustment aims to maintain balance, transparency, and equality among shareholders who bought shares before and after the record date for the rights issue. The adjustment also recalibrates the market value of the shares due to the increased number of shares, ensuring the company's market capitalization is appropriately distributed.

Takaful Emarat Insurance PJSC is inviting its shareholders to participate in a rights issue to subscribe for up to 185,000,000 new shares. This decision, approved by the company's General Assembly and the Securities and Commodities Authority, will increase the company's capital from AED 25,652,000 to AED 210,652,000. The new shares, each with a nominal and issue price of AED 1, will be offered on a pro-rata basis to existing shareholders. The rights issue aims to support the company’s expansion plans, enhance its technological infrastructure, and optimize operational efficiencies. The subscription period for these new shares will run from November 14 to November 26, 2024, with trading of rights on the Dubai Financial Market from November 11 to November 22, 2024. Shareholders can trade their rights or subscribe for additional shares if available. The subscription process will be managed by First Abu Dhabi Bank, which will also handle any refunds for unallocated shares. The new shares will be listed on the Dubai Financial Market and will carry the same rights as existing shares, including dividend entitlements. Key dates include the eligibility date for rights on November 1, 2024, and the commencement of dealings in new shares on December 9, 2024. Shareholders are reminded that rights not sold or used by the end of the subscription period will lose their value.