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United Insurance to launch rights issue late April

United Insurance to launch rights issue late April
The company’s capital amounts to AED 100 million (Photo Credit: Arabianeye-Reuters)
Fidelity United
UIC
-1.84% 1.60 -0.03

Abu Dhabi – Mubasher: United Insurance Company (UIC) said subscription to its AED 100 rights issue will be on 26 April, according to a statement.

A total of rights issue worth AED 25 million, representing 25% of UIC’s capital, will be offered to the company’s strategic partner Fidelity Insurance Services.

The remaining AED 75 million rights issue, which represents 75% of the capital, will be offered to the company’s current shareholders.

Trading on the rights issue shares will start on 19 April till 3 May.

The company’s capital amounts to AED 100 million, distributed on 100 million shares at AED 1 par value.