Shareholders approve capital reduction to offset accumulated losses and cancel treasury shares.
The Islamic Arab Insurance Company (Salama), listed on the Dubai Financial Market (DFM), is undergoing a capital restructuring that will see the Takaful provider raise up to 175 million UAE dirhams ($48 million) through a Mandatory Convertible Sukuk issuance following a capital reduction.
The move is part of the company’s plan to restore solvency by offsetting accumulated losses and cancelling treasury shares.
Following completion and final approval by the Securities and Commodities Authority (SCA), Salama will proceed with the MCS through a special purpose vehicle to a select group of strategic investors.
Salama, rated BBB- by S&P with a developing outlook, posted a net profit of AED 8.25 million for H1 2025
A growing body of evidence shows that rising inflows of immigrants and refugees can trigger…
Standard Chartered says country to benefit from shifts in global supply chains, strong non-oil sector.…
In October, the company listed a $130 million sukuk on the Muscat Stock Exchange. Oil…
Two GCC markets account for 91% of total funding deployed across MENA. Startups in Saudi…
From urbanization to agriculture, land systems touch nearly every aspect of development. That’s why the…
US objections have not killed off the 15 percent global minimum tax, but they have…