Abu Dhabi – Mubasher: Abu Dhabi National Insurance Co (ADNIC) announced that it has completed the conversion of bonds to shares.

The transaction has been completed following the maturity period, ADNIC said in a statement to the Abu Dhabi Securities Exchange (ADX).

In the same vein, the new 195 million shares have been listed on the ADX under the symbol of ADNIC2 and it would see separate trading from ADNIC.

The company has increased the number of its shares to 570 million from 375 million.

It is worth noting that the capital hike was implemented through the conversion of mandatory convertible bonds.

In the first quarter of 2019, ADNIC reported a drop in its profits, recording AED 52.6 million, compared to AED 95.2 million in Q1-18.