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Takaful Emarat has reduced its share capital by 124.348 million AED (33.9 million USD), bringing it down from 150 million AED (40.8 million USD) to 25.652 million AED (6.9 million USD).
By doing so, the Emirati insurer will be able to offset its accumulated losses, which stood at 181.3 million AED (49.4 million USD) as at 31 December 2023, and 194.1 million AED (52.8 million USD) as at 30 June 2024.
Pursuant to the resolutions of the company's General Meeting, the transaction will be followed by a capital increase of 185 million AED (50.4 million USD). The date of this increase will be announced upon approval by the relevant authorities.
For the record, Takaful Emarat had entered into discussions with Islamic Arab Insurance Company (SALAMA) for a possible merger, which was ultimately called off in 2023.
