UAE: Dar Al Takaful issues rights to raise capital
Source: Middle East Insurance Review | Jun 2017
Dar Al Takaful, listed on the Dubai Financial Market (DFM), has undertaken a rights issue to raise its capital to AED150 million (US$40.8 million) from AED100 million by issuing 50 million shares. The rights were tradable on the exchange from 25 April through 8 May.
The opening price of the rights issue was set at AED00.23, based on the price of the company’s share on the DFM after deducting the issue price, said a company statement.
The rights issue was tradable without setting price limits for the first day only. The price movement after the first day is to be in line with DFM’s fluctuation range of 15% up and 10% down in the price until the end of the trading period.
The rights issue involves 50 million shares to be issued at a price of AED1. The new shares will have the same rights as existing shares. M
AED1 = US$0.27