UAE - ADNIC converts mandatory convertible bonds to shares
Thursday, 07 04 2019, Category: Insurance and Reinsurance, Country: U.A.E
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers both for corporates and individuals, has completed the conversion of the Mandatory Convertible Bonds it issued on 15 June 2016 into shares after reaching their three-year term.
Following the conversion on 15 June 2019, ADNIC’s paid up capital increased to AED 570 million and the total number of ADNIC shares to 570 million.
The 195 million newly converted shares are listed on the Abu Stock Exchange under the Symbol “ADNIC converted shares 2” and are traded separately from ADNIC shares (Symbol “ADNIC”).
“ADNIC converted shares 2” will be entitled for dividends related to ADNIC’s 2019 net profit, subject to approval at ADNIC’s 2020 AGM, on a pro rata basis from 16 June 2019 until 31 December 2019. Following the conclusion of ADNIC’s 2020 AGM and the approval of any dividend payments, shares under the Symbol “ADNIC converted shares 2” will cease and then be added with ADNIC shares under the Symbol “ADNIC.”