Takaful Emarat (PSC)

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.

Mohammed Abu Quora, the Chief Executive Officer of Takaful Emarat Insurance PSC, has resigned for personal reasons. His resignation was accepted on October 28, 2024, and will be effective from November 27, 2024.

Takaful Emarat Insurance PJSC has announced a capital increase from AED 25,652,000 to a maximum of AED 185,000,000 through a rights issue, as approved by the General Assembly on 27 February 2024 and 14 June 2024. Shareholders are informed that the record date for this rights issue is set for Friday, 1 November 2024. Any changes to this date will be disclosed on the Dubai Financial Market website. The company will also announce important dates related to the rights issue in the prospectus.

Mones El Madani, an independent and non-executive board member of Takaful Emarat Insurance PSC, has resigned from the company's Board of Directors for personal reasons. The resignation was accepted on October 22, 2024, and became effective on the same date. The announcement was authorized by Mohammed Abu Quora, the Chief Executive Officer, and was documented on October 23, 2024.

The text is a formal announcement regarding the capital reduction and subsequent capital increase of Takaful Emarat Insurance Company. The company completed the necessary procedures to reduce its issued share capital by AED 124,348,000, bringing it down to AED 25,652,000. This reduction was activated on the Dubai Financial Market on the morning of October 21, 2024. Following this, the company plans to increase its capital by AED 185,000,000 and will disclose relevant dates for the rights issue once approved. Shareholders are notified of these developments.