The new company started trading in “Dubai Financial” with a capital of 260 million dirhams

“Takaful House” and “Watania” complete the merger... and retain all employees of the two companies

During the trading bell ringing ceremony at the Dubai Financial Market yesterday morning.

From the source

Dar Al Takaful Company and the National Takaful Company (Watania) announced yesterday the completion of their merger as of July 1, 2022, in accordance with the merger plan announced on March 3, 2022, and after fulfilling all conditions of the deal, including final approvals from regulators and shareholders.

A statement stated that after the merger, "Dar Al Takaful Company" will become one of the national companies specialized in providing Takaful insurance services in the UAE, and there will be a major change in the volume of business, with the possibility of achieving significant synergies in cost and revenues, at a time when the new company confirmed It retains employees from both companies.

financial market

The statement revealed that the merged company began trading on the Dubai Financial Market yesterday, under the symbol DARTAKAFUL, with a total capital of 260 million dirhams.

The merger will result in a significant expansion of geographical coverage and available markets.

The company will also have a large base that includes more than 100 strategic partners in the insurance industry.

The statement confirmed that the new company will retain all its competencies and expertise, represented by employees from both companies, and the new company will retain 100% of the dealers upon completion of the merger process, at a time when the new board of directors will be chaired by Dr. Ali Saeed bin Harmal Al Dhaheri.

"national" company

According to the statement, the shares of the National Takaful Company (Watania) were stopped trading in the Abu Dhabi Stock Exchange, as of the closing of the trading session on Wednesday 15/6/2022, and the company was officially canceled from the Abu Dhabi Stock Exchange on June 30, 2022, as part of the merger process. After receiving the merger certificate issued by the Securities and Commodities Authority.

As a result, the shareholders of the National Takaful Company (Watania) obtained 0.734375 shares in Takaful House, for every share they own in (Watania), so that Takaful House becomes one of the national companies specialized in the field of Islamic Takaful insurance, with a value of traded shares estimated at 260,156 thousand. and 250 dirhams.

the bell rang

The new board of directors, represented by its chairman, Dr. Ali Saeed bin Harmal Al Dhaheri, Matar Hamdan Sultan Hamad Al Ameri, as Vice Chairman, and Abdullah Oseiran, as a member of the Board of Directors, as well as Chief Executive Officer of Dubai Financial Market and Nasdaq Dubai, Hamed Ali, attended a percussion ceremony. The bell at the Dubai Financial Market yesterday morning.

Market confidence

Hamed Ali, CEO of the Dubai Financial Market and Nasdaq Dubai, said: "We are pleased to host this special bell-ringing ceremony on the occasion of the completion of Dar Al Takaful Company, the merger process with the National Takaful Company."

He added: “Dar Al Takaful Company’s keenness to enhance the close relationship that links us with it over these years, by choosing the Dubai Financial Market as a listing market for the new merged entity, reflects the great confidence the company places in the market, and what it provides of an integrated and world-class financial market system. ».

sustainable value

For his part, the Chairman of the Board of Directors of Dar Al Takaful Company, Dr. Ali Saeed bin Harmal Al Dhaheri, said that Dar Al Takaful Company has a clear strategic direction to establish long-term sustainable value for shareholders, partners and employees, in addition to providing protection and financial security for participants who hold insurance policies.

He added: “The merger has led to the formation of an effective company in the Takaful insurance sector, able to take advantage of economies of scale, to develop innovative Islamic insurance solutions in ways that the market has not witnessed. Looking for opportunities to transfer our expertise abroad, especially in the GCC market.”

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