UAE Islamic insurer Takaful Emarat has said there is no undisclosed reason for the recent rise in its share price, which has doubled in one month according to LSEG data.

The company disclosed to Dubai Financial Market (DFM) this morning that it has no material operational or technical information which is undisclosed to the market related to its activities or any justification for the increase in the company's share price.

The share price fell to 39 fils ($0.10) on 29th December and rose to 82 fils as of Tuesday.

The company was one of three highlighted as seeing significant trades on DFM on 27th December and appointed a new CEO earlier this month.

The company is yet to publish full year 2023 results but reported a loss of AED 60.2 million in Q3 2023, widening from a loss of AED 2.5 million year-on-year.

Accumulated losses reached AED 132.4 million or 88.3% of paid-up capital according to disclosed detailed analysis. 

(Writing by Imogen Lillywhite; editing by Daniel Luiz)