Dubai’s Dar Al Takaful to raise capital by 50% with rights issue

The Dubai-listed Dar Al Takaful on Thursday said it will raise paid-up capital by 50 per cent, or Dh50 million, to Dh150 million through right issues, plunging its shares by nearly 3.5 per cent in the early morning trade today.

Rights shares will be offered to shareholders who own shares at the close of trading on Wednesday, May 14, 2014.

The capital hike was approved by the company’s Extraordinary General Meeting held in Dubai on Wednesday.

The right issue will be issued at the par value of Dh1 per share and one ordinary share for every two shares. However, any surplus shares will be allocated to subscribers from shareholders or non-shareholders on a pro rata basis.

The company posted Dh2 million profit in the first quarter of 2014 compared to Dh982,825 loss in the same quarter last year. Its share plunged nearly 3.5 per cent to Dh1.08 at the opening of the trade today.

The Islamic insurance company earlier this year signed a deal with Daman Investments to manage it investment account.

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