Abu Dhabi - Mubasher: United Insurance Company announced on Monday the updates on its capital restructuring program, which it is planning to carry out in the upcoming period.
The company said in a statement to the Abu Dhabi Securities Exchange (ADX) that the goal of the capital restructure is to offset some of the company’s accumulated losses, which according to the financial statements of last year totalled AED 100 million.
The purpose is to lower the company’s capital through writing off some of the current shares, and then the company will increase its capital through new funds.
UIC previously revealed that subscription to its AED 100 rights issue will be on 26 April.
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, while 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.
