El Amana Takaful's Extraordinary General Assembly Approves Capital Increase
The Extraordinary General Assembly of El Amana Takaful has approved a capital increase of 6,043,500 TND through the issuance of 604,350 new shares at 10 dinars each. The amount will be fully paid up upon subscription, which will last for 20 days from the date of publication of the capital increase notice in the JORT.
Subscription Terms
The subscription to the new shares will be reserved, on a preferential basis, for the company's existing shareholders, both on an irreducible and reducible basis.
Irreducible Subscription
The subscription will be made at a ratio of 3 new shares for 7 old shares, with 1 broken lot. Shareholders who do not have a number of old shares corresponding to a whole number of new shares may either buy or sell subscription rights on the stock exchange.
Reducible Subscription
Each request will be satisfied proportionally to the share capital, up to the number of shares requested and depending on the number of new shares available.
Acquisition and Cancellation of Broken Subscription Rights
The company will acquire and cancel the broken subscription rights.
Rules in Case of Insufficient Subscriptions
According to the rules set by the same Extraordinary General Assembly, if the subscriptions do not reach the total amount of the capital increase, the amount of the capital increase will be limited to the amount subscribed, provided that it reaches at least three-quarters of the initially planned operation.
Consolidation of Company Funds
This operation is expected to consolidate the company's equity, which reported a net result of 2,558 MTND in 2023. Its total equity stands at 21,066 MTND. As a reminder, the company's shareholding structure consists mainly of the Al Baraka Group, which holds 87.24% of the capital, alongside the Mzabi Group (6.38%) and Tunis Re (6.38%). Given the quality of the shareholding structure, we believe that all three shareholders will follow the capital increase, ensuring its success without any issues.
