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.

The Arabian Scandinavian Insurance Company (PLC) - Takaful - ASCANA Insurance has released its financial statements for the year ending on 31 December 2023.

The Arabian Scandinavian Insurance Company (P.L.C) Takaful – ASCANA Insurance (“Sukoon Takaful”), licensed by the Central Bank of the UAE, held a Board of Directors meeting on 25 January 2024. The meeting discussed and approved in principle the company's annual financial statements for the fiscal year ending 31/12/2023, subject to final approval from the Central Bank of UAE. The company's budget and business plan for the fiscal year 2024 were also approved. The board further approved in principle the report of the board's activities and the company's financial position for the fiscal year ending 31/12/2023. The board recommended not to distribute dividends for the year ending 31 December 2023 and not to pay the board members' remuneration for the year 2023. The board also made a recommendation to the General Assembly of shareholders to appoint the external auditors for the year 2024 and to consider changing the legal and trade name of the company to 'Sukoon Takaful PJSC'.

The Arabian Scandinavian Insurance Company (Takaful-ASCANA Insurance) or "Sukoon Takaful", licensed by the Central Bank of the UAE, has scheduled a Board of Directors meeting on January 25, 2024. The meeting will be held at the company's head office in Deira, Dubai, and via the 'Teams' platform. The agenda includes reviewing and approving the annual financial statements for the fiscal year ending December 31, 2023, the board's report on company activity and financial position, the external auditors' report, and the date for the General Assembly meeting. The board will also discuss the distribution of dividends for the year ending on December 31, 2023, board remuneration, appointment of external auditors, and other matters.

The Arabian Scandinavian Insurance Company (P.L.C) Takaful – ASCANA Insurance, also known as Sukoon Takaful, has announced a change in its Board of Directors. The board has decided to appoint Mr. Saood Al Ghurair as the new Chairman, replacing Mr. Rashed Al Jarwan. However, Mr. Al Jarwan will continue to serve as a member of the board. The decision has been communicated to the Central Bank of UAE and the Securities and Commodities Authority. The information was relayed in a letter to Mr. Hamed Ahmad Ali, the Executive Chief Officer of the Dubai Financial Market.