Dubai: The Abu Dhabi Securities Exchange (ADX) hosted an event discussing the capital restructuring of United Insurance Company (UIC) — in an effort to maintain the positive links between The Exchange and its listed companies, brokers, and investors.
The event was held in presence of ADX Chief Executive, Rashed Al Blooshi, UIC Board Member, Nawwaf Ghobash, and senior management from both sides, as well as a number of registered brokers in ADX. The presentation aimed at demonstrating all details related to capital restructuring, special offering for shareholders, and UIC future plans.
The start date for subscription to the capital increase shares on ADX began on April 26 and will end on May 18, while the Rights Issue began, on April 19, and will end on May 11 for shareholders of the company.
The capital restructuring of UIC includes offering 75 million shares of rights issue at price of Dh1.02 for every 3 new shares — against 4 outstanding shares. The strategic partner Fidelity Assurance and Reinsurance will cover 25 millions of remaining shares.
Roadshow
The ADX said on Sunday it will organise its first roadshow for the year 2017 in New York City this week on May 8-9 accompanied by a number of its listed companies.
The roadshow will enable ADX listed companies to engage with potential new investors, fund managers, asset management companies to inform them about their growth strategies and recent developments, the bourse said in an emailed statement.
The roadshow will also provide a chance for ADX to demonstrate the range of opportunities available on the Exchange as well as provide international investors with insight into ADX’s operations and future development plans. ADX and its listed companies are expected to meet with around 50 institutional investors from various asset management companies and hedge funds.
