Bahrain: Takaful International Company rights offering fully allocated
Takaful International Company announced that its recent rights offering to raise share capital by BD1 million was allocated in full. Shareholders applied for 76% of the newly issued ordinary shares, with the remaining shares allocated to one of the company’s major shareholders based on the terms of the offering memorandum; the rights offering increased the total issued and paid-up share capital of the Company to 62,500,000 ordinary shares. This would increase the paid-up share capital of the Company from BD5.25 million to BD6.25 million.
The success of the rights offering confirms the investors’ confidence in the company's management and provides an opportunity for the existing shareholdersto increase their investment returns.
The Company intends to enhance shareholders return through development of
strategic plans to expand its insurance activities and increase its dominance in the region through participation in projects with promising higher returns. Moreover, the capital injection will assist in supporting underwriting operations
and business expansions. It will also enhance the underwriting capacity of the
firm’s insurance portfolios under the regulation of Central Bank of Bahrain.
Takaful International Company, founded in 1989 is the first Islamic insurance company in the region providing insurance products and services compatible with Sharia'a principles. The company was rated "BBB" with a stable outlook by one of the prestigious international rating agencies Standard and Poor's. This rating is a reflection of the company's stable performance and growth.
BDO Jawad Habib, Public Accountants and Management Consultants, and Bahrain Islamic Bank acted as the issue manager and the receiving bank respectively for the rights offering.