- Islamic insurer plans to raise AED50 million in additional capital to maintain capital requirements, strengthen balance sheet and support growth plans
SHUAA Capital, the UAE’s premier financialservices firm, has been selected as Lead Manager and Underwriter for Dar Al Takaful’s proposed rights issue.
The Dubai Financial Market-listed Islamic insurer recently announced plans to raise AED 50 million through a rights issue. Proceeds will be used to maintain Dar Al Takaful’s capital requirements, strengthen its balance sheet and support its growth plans. The issue, starting from 20th April 2017 will have National Bank of Abu Dhabi acting as the Receiving Bank.
Mr. Abdul Aziz Al Bannai, Chairman of Dar Al Takaful said, “With the enhanced capital base and meticulously planned expansion strategies, DAT aims to become the most successful Insurance company working according to Shariah tenets in the U.A.E”.
Jassim Alseddiqi, Chairman of SHUAA Capital said: “We are pleased to underwrite the full rights issue of Dar Al Takaful. Dar Al Takaful’s choice of SHUAA Capital to handle this mandate affirms our company’s strong start to 2017. These truly are exciting times as we experience the return of the SHUAA legacy. We look forward to utilising our expertise to manage this important transaction for Dar Al Takaful.”
Mr. Saleh Al Hashimi, Vice Chairman and Managing Director of Dar Al Takaful commented, “DAT provides a comprehensive range of fully Sharia compliant Islamic insurance products and services and specialized solutions as well. “When it comes to customer service, we benchmark ourselves with the best in the industry and the increasing number of customer accounts retained year after year is a testimony to DAT’s customer focused approach” commented. Dar Al Takaful will issue 50,000,000 new shares at a price of AED 1.02, reflecting the nominal value of AED 1 per share. All Dar Al Takaful shareholders holding shares at the close of trading on April 20, 2017, will be entitled for the Rights.
Each shareholder exercising his/her rights on the eligibility date will receive one right for every two shares held.
