Abu Dhabi – Mubasher: Abu Dhabi National Insurance Co (ADNIC) announced its board of directors will issue a resolution by circulation next Tuesday, 28 May, to approve a capital increase.
The company’s capital will increase to AED 570 million from AED 375 million, ADNIC said in a statement to the Abu Dhabi Securities Exchange (ADX).
The capital hike will be implemented through the conversion of mandatory convertible bonds, according to the statement.
In the first quarter of 2019, ADNIC reported a drop in its profits, recording AED 52.6 million, compared to AED 95.2 million in Q1-18.
