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At Dana Gas PJSC's Annual General Meeting, shareholders agreed to the Board of Directors' recommendations for all proposed resolutions and elected a new 11-member board for the next three years. The new board includes three new directors: Mohammed Al Hashimi, Omar al Mulla, and Mohamed Al-Khoori. Despite a challenging economic environment and declining oil prices, Dana Gas's business model proved resilient. The company improved its financial position and expects to resume dividends soon. Dana Gas anticipates continued strong financial performance, supported by operational performance and higher commodity prices. The KM250 expansion project in the Kurdistan Region is expected to generate an additional $150 million in revenue. The Egyptian Cabinet's approval of a draft law authorizing EGAS to contract with Dana Gas is expected to extend the operational lifespan of the company's Egyptian assets and includes further investment of approximately $100 million.
Abu Dhabi National Insurance Company PJSC (ADNIC) has announced the acquisition of 51% of the share capital of Allianz Saudi Fransi Cooperative Insurance Company, a joint stock company listed on the Saudi Exchange and operating in the insurance sector. The acquisition is valued at USD 133,068,800 (SAR 499,008,000) at a weighted average price of approximately SAR 16.3075 per share. The transaction is part of ADNIC's strategic plan to expand its presence in the Saudi Arabian market, optimize operating model efficiencies, and boost its consumer retail portfolios.
SHUAA Capital p.s.c., a financial investment company based in Dubai, is licensed and regulated by the U.A.E. Securities and Commodities Authority. The company's head office is located at The H Hotel Dubai, Office Tower, Level 15, Office No. 1502. They have informed Dubai Financial Market that their Board of Directors will make resolutions by circulation on Friday, 19th of April 2024, regarding business-related matters of the company. The information was communicated by Bachir Nawar, Chief Legal and Compliance Officer of SHUAA Capital.
On April 17, 2024, RAPCO Investment PJSC held its Annual General Assembly meeting. The meeting took place at 10:00 am UAE time, both remotely and in person at the company's main headquarters in Ras Al Khaimah. During the meeting, the following decisions were made: The board of directors' report on the company's activity and financial position for the financial year ending on December 31, 2023, was ratified. The auditor's report for the financial year ended on December 31, 2023, was also ratified. Finally, the company's balance sheet and profit and loss account for the financial year ending on December 31, 2023, were ratified.
The letter, dated 17th April 2024, is addressed to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, from Mohamed Wahb, the Board Secretary of Dubai Islamic Bank. The letter informs Mr. Ali about a Board of Directors meeting of Dubai Islamic Bank scheduled for 23rd April 2024 at 3:30 pm. The Board plans to discuss the financial statements for the three-month period ending on 31st March 2024 and other normal business topics that do not affect the share price. A copy of the letter has also been sent to Dr. Maryam Buti Al Suwaidi, the CEO of the Securities and Commodities Authority in Abu Dhabi, UAE.
The text discusses the consolidated financial statements of the Dubai Islamic Insurance & Reinsurance Company (AMAN) (P.J.S.C) for the year ending on 31 December 2023.
The General Assembly meeting of Dana Gas PJSC took place on 17th April 2024, from 11:00 AM to 12:12 PM, both in-person and virtually. The meeting was chaired by Mr. Abdul Hameed Dhia Jafar and had a quorum of 52.55%. The attendees registered through an e-voting system, with a personal attendance rate of 100%. The assembly approved the Board of Directors' report on the company's activities and financial position for the year ended December 31st, 2023. The company's external auditors' report and financial statements for the same period were also approved. The assembly agreed to transfer 10% of the annual net profit to the Legal Reserve and the Voluntary Reserve, each amounting to AED 59 million. The balance of AED 728 million will be carried forward to retained earnings. No dividend will be distributed for the financial year ended 31st December 2023.