ESHRAQ INVESTMENTS P.J.S.C- Disclosure of a Transaction with a Related Party | premargin
ESHRAQ INVESTMENTS P.J.S.C- Disclosure of a Transaction with a Related Party
·ADX·General Disclosure | Announcements·March 5, 2026·View on exchange
AI Summary
Eshraq Investments PJSC subscribed to AED 66.8 million in Mandatory Convertible Sukuk (MCS) issued by Amana SPV Ltd, representing 2.49% of Eshraq’s share capital.
The transaction is expected to increase Eshraq’s shareholding in the related party, Islamic Arab Insurance Company (Salama), from its current level to approximately 24%.
The MCS will convert into newly-issued Salama shares at a price of AED 0.46 per share, which will be subject to a 12-month lock-up period following conversion.
The deal aims to recapitalize Salama by eliminating accumulated losses and restoring solvency ratios while preserving Eshraq's existing investment.