19 April 2006
Abu Dhabi: The Abu Dhabi-based Al Wathba Insurance is doubling its capital to Dh120 million through a rights issue although ministry approval is awaited, a company official said."Shareholders have approved the increase in capital at the general assembly held recently. The capital will go up to Dh120 million from Dh60 million," a senior official of the company told Gulf News.
"The capital has been increased through a rights issue at par (Dh1 per share). Approval of the Ministry of Economy and Planning is expected any time."
The capital increase is part of Al Wathba's plans to raise its capital four-fold to Dh240 million, Rashid Darwish Al Kitbi, Managing Director, said recently.
Meanwhile, the company will pay a cash dividend of 10 per cent amounting to Dh6 million.
The company's assets grew to Dh631.0 million in 2005 compared to Dh379.75 million in 2004.
By Stanley Carvalho
Gulf News 2006. All rights reserved.
