Abu Dhabi-Mubasher: Green Crescent Insurance Company said that the Securities and Commodities Authority (SCA) approved on 12 November to increase the company’s capital through converting bonds into newly issued shares.

After SCA’s approval of  the company’s amendments to memorandum and articles of association, 40.46 million new shares will be issued at AED 1 per share for AXA Mediterranean Holding to increase its stake by 20.2%

Furthermore, 59.54 million shares will be issued at AED 1 per share for Kanoo Group to raise its stake by 29.8%

As a result, the insurance firm’s capital will rise from AED 100 million to AED 200 million distributed on 200 million shares at AED 1 par value each.