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Dubai: Mithaq for Insurance, a new Sharia-compliant firm, is floating 55 per cent of its shares for general subscription.
The company, with an initial capital of Dh150 million, has 45 per cent of its shares reserved for the founding members, who are mainly UAE economic personalities.
About 82.5 million shares, representing the remaining 55 per cent of the company's shares, will be floated for general subscriptions at Dh1 per share.
Abdullah Saeed Al Qubaisi, chairman of the founding committee of Mithaq Liability Insurance Company, said general subscriptions will start on Saturday for 10 days. The subscribers will be notified about the number of shares allocated to them.
Al Qubaisi also said that getting the approval of the Abu Dhabi Executive Council after similar approval from the Emirates Securities and Commodities Authority was another important step in the incorporation process of the company.
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