17 November 2005
Beirut (APD) - The UAE firm Al Wathba National Insurance Company intends to increase its capital fourfold, from AED 60 million ($16.33 million) to AED 240 million ($65.34 million), the Dubai-based al-Bayan daily reported Thursday.
Beirut (APD) - The UAE firm Al Wathba National Insurance Company intends to increase its capital fourfold, from AED 60 million ($16.33 million) to AED 240 million ($65.34 million), the Dubai-based al-Bayan daily reported Thursday.
The capital increase will be carried out through the issue of new shares. The share price would be set at AED 1 without adding an issue premium.
Al Wathba notified Abu Dhabi Securities Market (ADSM) that it intends to call for an extraordinary general meeting (EGM) of the company's shareholders to discuss the capital increase.
The EGM is scheduled to convene on December 20. In case of lack of quorum the meeting would be postponed to December 27, al-Bayan said.
The EGM would authorize the board of directors to fix a time for the capital increase.
The share of Al Wathba closed at AED 11.85 on Thursday up by 8.71% from AED 10.9 its close on Wednesday. [SN-FC]
© APD (Arab Press Digest) 2005
