The Board of Directors of Orient Insurance, the biggest insurer in the UAE, has resolved to recommend increasing the company's paid-up capital by 100% to AED1bn ($272.3m).
The decision was approved at a board meeting held on 31 August, according to a statement lodged by the company with the Dubai Financial Market where the insurer is listed.
The increase of AED500m will be effected through the issuance of bonus shares. It is subject to the approval of shareholders, the Central Bank and the competent regulatory authorities.