Abu Dhabi – Mubasher: United Insurance Company (UIC) said it obtained an approval for capital restructuring measures from the Emirates Securities and Commodities Authority (ESCA)
UIC’s capital will be reduced from AED 100 million to AED 50 million in order to offset losses, and will be back to the original figure thereafter, the company announced in a statement on Sunday.
The Abu Dhabi listed company said it will offer all guarantees to repay delayed debt to creditors in case they refused the capital reduction process.
The insurance company earlier said that it will postpone the decision of increasing the capital to AED 150 million through issuing new shares worth AED 50 million until further notice to avoid subscription in the summer season.
