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On 28 March 2025, Emirates NBD Bank made a mandatory cash offer to acquire all shares of Emirates Islamic Bank, aiming to own 100% of its issued and paid-up ordinary shares at AED 11.95 per share. Emirates Islamic Bank received an update on 27 March 2025 regarding the results of this offer. Further details are provided in an attached letter, and Emirates Islamic Bank will issue additional announcements about any significant developments in due course. The communication was signed by Dr. Ahmed Alkhalfawi, Head of Legal at Emirates Islamic Bank.
Aramex PJSC has announced the final results of a voluntary conditional cash offer from Q Logistics Holding LLC, a subsidiary of Abu Dhabi Developmental Holding Company PJSC (ADQ), to acquire up to 100% of Aramex's issued and paid-up ordinary share capital not already owned by Abu Dhabi Ports Company PJSC. The completion of the offer is subject to certain conditions outlined in the Offer Document. Aramex will provide further updates on any significant developments.
GULFNAV announced its financial results for 2024, reporting a net loss of AED 20 million due to strategic investments aimed at enhancing long-term operations. The company focused on fleet modernization, operational efficiency, and eco-friendly technologies to comply with maritime regulations and sustainability standards. Despite short-term financial challenges, GULFNAV expects a recovery in petrochemical shipping demand in 2025. It received shareholder approval to acquire Brooge Energy Limited's assets for AED 3.2 billion, which includes new shares, convertible bonds, and cash, pending further approvals. GULFNAV aims to strengthen its financial health, optimize costs, and expand through strategic partnerships.
The Board of Directors of Gulf Navigation Holding PJSC held a meeting on March 27, 2025, and made several resolutions. They approved the audited financial statements for the year ending December 31, 2024. They also agreed to call for the annual general assembly meeting on April 30, 2025, subject to the approval of the Securities and Commodities Authority. The agenda for this meeting was approved, also pending the same approval. Additionally, the board recommended to the general assembly that no dividends be distributed for the financial year ending December 31, 2024. Finally, they recommended amending Article 43 of the company's articles of association regarding the method of announcing the general assembly meeting to align with governance regulations.
Islamic Arab Insurance Company (Salama), the UAE’s largest Takaful solutions provider, reported significant financial improvements for 2024, with insurance revenue of AED 1.046 billion and a 118% increase in net profits to AED 24.6 million. The company successfully addressed audit qualifications outstanding since 2019, issuing its 2024 financial statements without them. Salama's total assets were AED 3.306 billion at the end of 2024. The company focused on resolving legacy issues, digital transformation, and enhancing underwriting performance. It introduced a UAE National Development Programme to align with Emiratisation targets and continued to provide affordable healthcare coverage through the Essential Benefit Plan. Salama's efforts have been recognized at various industry forums, and it remains committed to its stakeholders and its strategy to be a leading Takaful provider in the region.