During its recent meeting, the Board of Directors of Arab Islamic Insurance Company – Salama, approved a capital reduction of 50.6%, amounting to 475.7 million dirhams.
The company noted in a statement that following the capital reduction, the board has decided to issue convertible bonds worth up to 175 million dirhams.
Salama also mentioned that the company’s general assembly will be called to convene at the earliest opportunity in accordance with corporate law and the company’s bylaws. This will follow the acquisition of necessary regulatory approvals from the Central Bank of the UAE and the Securities and Commodities Authority, to address the capital restructuring.