Dubai: Orient Insurance shareholders approved a 100% increase in share capital, after shareholders gave a nod at the general assembly held on November 11. The company's share capital will increase from AED 500 million to AED 1 billion, the Al-Futtaim subsidiary announced.The Dh500 million increase will come through bonus shares issued to existing shareholders. The Capital Market Authority and the Central Bank of the UAE are yet to sign-off on the proposal. Orient Insurance will disclose implementation details once the regulators sign off.Omer Elamin, President of Orient Insurance Group, called the vote an important milestone. Shareholders are “responding to evolving market needs and we continue delivering value to our customers and shareholders. This decision reflects our confidence in the company's future and our commitment to maintaining a strong financial foundation," he added.
