Dubai – Mubasher: Dubai’s Takaful Al Emarat Insurance said on Sunday that the Initial Public Offering (IPO) period to increase its capital has been extended until December 2015.
The extension move, backed by shareholders, came into effect after the Dubai-listed company obtained the necessary approval from the Securities and Commodities Authority.
The IPO to increase the company’s capital started on 9 November, and was due to end on 22 November.
Shareholders earlier approved a capital increase to AED 100 million in an extraordinary general meeting held on 22 December, 2014.
Takaful said that the aim from the capital increase is to fund the company’s growth plan and develop its projects in Dubai.
Shareholders of record on 29 October were able to take part in offering which began on 1 November.
