Green Crescent shareholders okay alliance with AXA
Like the Dubai market, the stock exchange in Abu Dhabi finished May on a high note, ending 3.55 per cent higher at 5,154. 24 points on Thursday, May 29. National Bank of Abu Dhabi, the biggest lender in the UAE capital, surged 12.67 per cent to hit AED16.90. National Takaful Company or Watania dived 10 per cent to AED0.99. Green Crescent Insurance closed even at AED1.17. Earlier in the day, the insurance firm said in a filing to the market that its shareholders approved the strategic alliance with AXA Group and Kanoo Group that was proposed by the company’s Board of Directors at the extraordinarily general meeting held on Tuesday May 27th in Abu Dhabi. “The shareholders have agreed to authorize the Board of Directors of Green Crescent to finalize the negotiations with AXA Group and Kanoo Group who will be the primary investors of a capital increase of AED 100 Million via a convertible bond instrument pushing Green Crescent’s paid in capital to a total of AED 200 million upon conversion and allowing Green Crescent to continue to grow their health insurance business and to optimize their product offering in the life insurance segment.” The name of the firm will be changed and a new company name will include both partners.