Latest news with #GulfTakafulInsurance
Zawya
21 hours ago
- Business
- Zawya
Gulf Takaful Insurance Company successfully completes capital increase of $22.90mln
KUWAIT CITY - In its capacity as the issuer, Gulf Takaful Insurance Company K.S.C.C. 'GTIC', and the Kuwait Financial Centre 'Markaz', the lead manager and subscription agent, announced in a joint statement the successful completion of GTIC's capital increase, raising a total value of KWD 7 million through the issuance of 70,286,789 ordinary shares at a subscription price of 100 Kuwaiti fils per share, representing 70% of the issued and paid-up capital of the company. The subscription period for the rights issue ran from 10 June to 24 June 2025. Mr. Mubarak Othman Al-Ayyar, Chief Executive Officer (CEO)at Gulf Takaful Insurance Company, expressed his contentment with the successful subscription process, which reflects the shareholders' confidence in the quality and performance of the company. He also praised the professionalism with which the subscription was managed by Markaz, stating: "The subscription process fulfilled all the necessary regulatory procedures for the issuance of shares. The proceeds from the capital increase will be directed toward enhancing the company's solvency margin in line with prevailing regulatory requirements. It will also contribute to implementing the company's expansion strategy, supporting its general corporate purposes, continuing the execution of its plans, and strengthening its position in the Takaful Insurance Sector both locally and regionally. We value the active role played by all, the Insurance Regulatory Unit (IRU) officials, the Ministry officials, the Capital Markets Authority and Kuwait Clearing Company team in the successful execution of the capital increase. We also thank team Markaz for managing the subscription process with utmost professionalism, efficiency, and seamless coordination across all stages of the offering." On this occasion, Mr. Ali H. Khalil, Chief Executive Officer at Markaz, stated: 'We are proud at Markaz to have played a pivotal role in the success of the subscription process as the issuance manager and receiving agent. This reflects our ongoing commitment to supporting our clients in achieving their strategic growth goals. We mobilized our extensive expertise in the capital markets sector and our highly skilled teams to ensure the subscription process was carried out in accordance with the highest professional and regulatory standards. We thank Gulf Takaful Insurance Company for their valued trust in Markaz's capabilities to manage the capital increase subscription. This achievement highlights the strength of our partnership and further reinforces our position as a trusted partner in the investment banking sector." Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
Gulf Takaful Insurance Company successfully completes capital increase of KWD 7mln
Kuwa: In its capacity as the issuer, Gulf Takaful Insurance Company K.S.C.C. 'GTIC', and the Kuwait Financial Centre 'Markaz', the lead manager and subscription agent, announced in a joint statement the successful completion of GTIC's capital increase, raising a total value of KWD 7 million through the issuance of 70,286,789 ordinary shares at a subscription price of 100 Kuwaiti fils per share, representing 70% of the issued and paid-up capital of the company. The subscription period for the rights issue ran from 10 June to 24 June 2025. Mr. Mubarak Othman Al-Ayyar, Chief Executive Officer (CEO) at Gulf Takaful Insurance Company, expressed his contentment with the successful subscription process, which reflects the shareholders' confidence in the quality and performance of the company. He also praised the professionalism with which the subscription was managed by Markaz, stating: "The subscription process fulfilled all the necessary regulatory procedures for the issuance of shares. The proceeds from the capital increase will be directed toward enhancing the company's solvency margin in line with prevailing regulatory requirements. It will also contribute to implementing the company's expansion strategy, supporting its general corporate purposes, continuing the execution of its plans, and strengthening its position in the Takaful Insurance Sector both locally and regionally. We value the active role played by all , the Insurance Regulatory Unit (IRU) officials, the Ministry officials, the Capital Markets Authority and Kuwait Clearing Company team in the successful execution of the capital increase. We also thank team Markaz for managing the subscription process with utmost professionalism, efficiency, and seamless coordination across all stages of the offering." On this occasion, Mr. Ali H. Khalil, Chief Executive Officer at Markaz, stated: 'We are proud at Markaz to have played a pivotal role in the success of the subscription process as the issuance manager and receiving agent. This reflects our ongoing commitment to supporting our clients in achieving their strategic growth goals. We mobilized our extensive expertise in the capital markets sector and our highly skilled teams to ensure the subscription process was carried out in accordance with the highest professional and regulatory standards. We thank Gulf Takaful Insurance Company for their valued trust in Markaz's capabilities to manage the capital increase subscription. This achievement highlights the strength of our partnership and further reinforces our position as a trusted partner in the investment banking sector." About Gulf Takaful Insurance Company 'GTIC ' Gulf Takaful Insurance Company K.S.C.C was established as a closed Kuwaiti shareholding company on September 6, 2004. Gulf Insurance and Reinsurance Company acquired a majority stake in the company in 2020. The acquisition contributed to the development of the company, and it became part of the Gulf Insurance Group. Following the acquisition, the company rebranded as GIG Takaful – Kuwait, establishing itself as the Takaful insurance arm of GIG in the State of Kuwait. GIG maintains its strong presence in the Arabian Gulf & MENA regions. The whole GIG group is owned by the Fairfax Financial Holding Company Limited, a global financial services holding company. Gulf Takaful Insurance Company offers a comprehensive range of Takaful insurance products, including fire insurance, general accident insurance, travel insurance, engineering insurance, marine and aviation insurance, Motor insurance, Group life insurance, medical insurance and Pet insurance, all in accordance with the provisions and principles of Islamic Sharia. About Kuwait Financial Centre 'Markaz ' Established in 1974, Kuwait Financial Centre K.P.S.C 'Markaz' is one of the leading asset management and investment banking institutions in the MENA region with total assets under management of over KD 1.56 billion (USD 5.11 billion) as of 30 June 2025. Markaz was listed on the Boursa Kuwait in 1997. Over the years, Markaz has pioneered innovation through the creation of new investment channels. These channels enjoy unique characteristics and help Markaz widen investors' horizons. Examples include Mumtaz (the first domestic mutual fund), MREF (the first real estate investment fund in Kuwait), Forsa Financial Fund (the first options market maker in the GCC since 2005), and the GCC Momentum Fund (the first passive fund of its kind in Kuwait and across GCC that follows the momentum methodology), all conceptualized, established, and managed by Markaz. For further information, please contact: Sondos S. Saad Media & Communications Department Kuwait Financial Centre K.P.S.C. "Markaz" Email: ssaad@
Al Bawaba
2 days ago
- Business
- Al Bawaba
Gulf Takaful Insurance Company successfully completes capital increase of KWD 7 million
In its capacity as the issuer, Gulf Takaful Insurance Company K.S.C.C. 'GTIC', and the Kuwait Financial Centre 'Markaz', the lead manager and subscription agent, announced in a joint statement the successful completion of GTIC's capital increase, raising a total value of KWD 7 million through the issuance of 70,286,789 ordinary shares at a subscription price of 100 Kuwaiti fils per share, representing 70% of the issued and paid-up capital of the company. The subscription period for the rights issue ran from 10 June to 24 June Mubarak Othman Al-Ayyar, Chief Executive Officer (CEO) at Gulf Takaful Insurance Company, expressed his contentment with the successful subscription process, which reflects the shareholders' confidence in the quality and performance of the also praised the professionalism with which the subscription was managed by Markaz, stating: "The subscription process fulfilled all the necessary regulatory procedures for the issuance of shares. The proceeds from the capital increase will be directed toward enhancing the company's solvency margin in line with prevailing regulatory will also contribute to implementing the company's expansion strategy, supporting its general corporate purposes, continuing the execution of its plans, and strengthening its position in the Takaful Insurance Sector both locally and regionally. We value the active role played by all , the Insurance Regulatory Unit (IRU) officials, the Ministry officials, the Capital Markets Authority and Kuwait Clearing Company team in the successful execution of the capital increase. We also thank team Markaz for managing the subscription process with utmost professionalism, efficiency, and seamless coordination across all stages of the offering." On this occasion, Mr. Ali H. Khalil, Chief Executive Officer at Markaz, stated: 'We are proud at Markaz to have played a pivotal role in the success of the subscription process as the issuance manager and receiving agent. This reflects our ongoing commitment to supporting our clients in achieving their strategic growth goals. We mobilized our extensive expertise in the capital markets sector and our highly skilled teams to ensure the subscription process was carried out in accordance with the highest professional and regulatory standards. We thank Gulf Takaful Insurance Company for their valued trust in Markaz's capabilities to manage the capital increase subscription. This achievement highlights the strength of our partnership and further reinforces our position as a trusted partner in the investment banking sector."
