Dubai: Shuaa Capital will be the lead manager and underwriter for Dar Al Takaful’s proposed rights issue.
The Dubai Financial Market-listed Islamic insurer recently announced plans to raise Dh50 million through a rights issue. Proceeds will be used to maintain Dar Al Takaful’s capital requirements, strengthen its balance sheet and support its growth plans. The issue, starting from April 20 will have National Bank of Abu Dhabi acting as the Receiving Bank.
“With the enhanced capital base and meticulously planned expansion strategies, DAT aims to become the most successful Insurance company working according to Sharia tenets in the UAE,” Abdul Aziz Al Bannai, Chairman of Dar Al Takaful said.
Dar Al Takaful will issue 50,000,000 new shares at a price of Dh1.02, reflecting the nominal value of Dh1 per share. All Dar Al Takaful shareholders holding shares at the close of trading on April 20, will be entitled for the Rights. Each shareholder exercising his/her rights on the eligibility date will receive one right for every two shares held.
