PHOTO
Dubai-based Islamic insurer Takaful Emarat has reduced its share capital by more than AED 124.3 million ($33.8 million).
The company activated the capital reduction on the Dubai Financial Market (DFM) on Monday morning after fulfilling all the necessary requirements and procedures.
The share capital now stands at more than AED 25.6 million, compared with the previous capital of AED 150 million, the firm said.
The company had earlier decided to cancel the shares as part of a restructuring plan to offset accumulated losses worth more than AED 132 million.
The move will be followed by a capital increase of AED 185 million via a rights issue.
(Writing by Cleofe Maceda; editing by Seban Scaria)
