By Rami Sameeh
Abu Dhabi-Mubasher: Abu Dhabi National Insurance Co. (ADNIC) said its extraordinary general meeting held on Monday gave the go-ahead for issuing convertible bonds worth AED 390 million ($106.2 million), with a maturity period of three year.
The bonds have an interest rate of 7.5%, to be paid annually.
Shareholders also approved the board’s recommendation on transferring AED 350 million from the general reserve to retained earnings, in addition to endorsing the company’s new corporate association.
ADNIC posted on Monday its preliminary financial results for Q4-15, which reflected a 99% fall in net losses.
Full-year net losses reached AED 334.52 million, compared with AED 280.42 million in the same period a year ago.
Operating with AED 375 million in capital, the company was assigned an ‘A-’ rating by S&P, with negative outlook.
Translated by Abdul Maguid Aboshahla
