UAE's SCA nods to ADNIC’s 10% share buyback

The deadline of the share buyback ends on 13 August 2019

  
Image used for illustrative purpose only. Young Arab investing millions on stocks to amass a fortune.

Image used for illustrative purpose only. Young Arab investing millions on stocks to amass a fortune.

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Abu DhabiAbu Dhabi National Insurance Company (ADNIC) on Thursday announced the approval of the UAE's Securities & Commodities Authority (SCA) to repurchase 10% of its shares.

The Abu Dhabi-listed insurer said that the deadline of the share buyback ends on 13 August 2019, while the repurchased stocks are to be sold two years after the date of the last buying transaction, according to a bourse filing.

ADNIC reported a 17.14% year-on-year increase in its net profits in the second quarter of 2018, logging AED 55.4 million in Q2-18 versus AED 54.5 million.

The firm generated a profit of AED 150.53 million in the first half of 2018, compared to AED 128.5 million in H1-17.

The Abu Dhabi-based firm's total assets increased by 11.5% year-on-year to AED 7.47 billion in H1-18.

Source: Mubasher

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