Aman agrees to offer 15% stake to expats

Dubai: The board of directors of Dubai Islamic Insurance and Re-Insurance Company (Aman) agreed allowing expatriates to own a percentage of the company's shareholding. This was decided yesterday at the company's extraordinary annual general meeting held at the Dubai Chamber of Commerce.

Aman said in a statement that the general committee agreed upon the two recommendations of the board of directors; split Aman's shares denomination from Dh10 to Dh1 and to allow expatriates to acquire 15 per cent of the shares.

Hussain Al Meeza, deputy board member and managing-director of Aman, said, "These agreements are of immense importance to the company, and comply with the company's shares restructuring. It is a direct response and in line with the shareholders' wishes."

Al Meeza added that this division will lead to the increase of shares and benefits in the market. He said that the decision, to allow expatriates to own 15 per cent of the company stakes, will have a positive impact.