Abu Dhabi – Mubasher: United Insurance Company (UIC) on Monday announced that it is waiting for an approval from the Securities and Commodities Authority (SCA) and the Insurance Authority on capital restructuring procedures.
The company said in a statement that, upon obtaining the approvals, it will set a date and arrangements for opening subscription and offering of rights issue shares.
UIC earlier announced that it will delay the decision of increasing its capital by offering new shares until further notice, as it was to be held during the summer holiday period.
The company previously approved a rise in the capital from AED 100 million to AED 150 million by offering new shares worth AED 50 million, with AED1 par value each.
The Abu Dhabi listed company recorded a net loss of AED 16.64 million in H1-15, compared to a loss of AED 16.21 million in the same period last year.
