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Dar Al Takaful to raise capital by AED 50m late April

Dar Al Takaful to raise capital by AED 50m late April
The issuance price will amount to AED 1.02 per share - (Photo Credit: Company website)
WATANIA
WATANIA
1.58% 0.58 0.01

Dubai – Mubasher: Dar Al Takaful Company will raise its capital through a rights issue at a value of AED 50 million, according to a company bourse statement.

Registered shareholders will be entitled to subscribe in the capital hike starting 20 April, while the official date for subscription will begin on 30 April and end on 15 May, the company said.

The issue price will amount to AED 1.02 per share, including the share price of AED 1 per share and issuance premium of 2 fils, the statement showed.

The company is currently capitalised at AED 100 million and through the issuance will raise its capital by AED 50 million to AED 150 million.

The capital hike will be used in financing the company’s projects, public operations, and several investments, the company added.

In June 2016, the company’s general assembly approved a 50% capital increase through a one-for-two rights issue.

Dar Al Takaful had previously reported turning profitable in 2016 with AED 5.08 million, versus a loss of AED 7.14 million in 2015.