Union Insurance reduces capital by 30.5% to offset accumulated losses
The transaction will be executed by utilizing AED 41.80 million from reserves, including AED 21.85 million from the statutory reserve and AED 19.95 million from the legal reserve, to partially offset the losses.
Meanwhile, the remaining AED 100.93 million will be written off by cancelling a corresponding number of shares.
The last trading day before the capital adjustment is scheduled for 24 June 2025, with trading suspended on 25 and 26 June.
The capital cut will take effect before trading hours on 30 June 2025, which will also mark the first trading day following the reduction.
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