Dubai-based Islamic insurer Takaful Emarat has announced a reduction of its share capital by over AED 124.3 million (approximately $33.8 million).
The capital reduction was activated on the Dubai Financial Market (DFM) on Monday morning after the company completed all necessary procedures and requirements. As a result, the new share capital is now over AED25.6 million, down from the previous capital of AED150 million.
This decision to cancel shares is part of a broader restructuring plan aimed at offsetting accumulated losses exceeding AED132 million. Following this reduction, Takaful Emarat plans to implement a capital increase of AED185 million through a rights issue.
